Tesla increases spending plans and issues new subpoena in Musk's 2018 tweet


 The company now expects to spend $6 billion to $8 billion this year and the next two years. Musk said last month that factories were losing billions of dollars as it struggled to ramp up production due to battery shortages and port problems in China. The company also includes a joint venture with Chief Executive Elon Musk.


The U.S. Securities and Exchange Commission (SEC), issued on June 13, asks for information on compliance with Musk’s 2018 settlement with regulators. Musk settled a SEC lawsuit over his private tweets by agreeing to have company lawyers pre-approve tweets containing material information about the company.


The latest subpoena comes as Musk prepares for an October legal showdown with Twitter to walk away from a $44 billion bid to buy the social media company. In June, regulators questioned Musk over a tweet expressing concerns about his acquisition of Twitter over concerns about the number of fake users and spam accounts.


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