Investing.com - Tesla (NASDAQ:TSLA) stock sank midday on a report that the Securities and Exchange Commission is moving forward in an investigation about Elon Musk’s tweets about potentially taking the company private.
Tesla stock fell about 2% at 11:55 AM ET (15:55 GMT)
The SEC is moving to a formal investigation about what Musk meant when he tweeted that he had “funding secured” to take Tesla private at $420 per share, according to a report from Fox Business. Tesla refused to comment on the report to several media outlets.
But Fox’s Charlie Gasparino, who reported the story, also tweeted that the investigation may not pan out.
Meanwhile, energy stock were hit hard after the Energy Information Administration reported a surprise gain in U.S. oil inventories.
Pioneer Natural Resources (NYSE:PXD) and Marathon Oil (NYSE:MRO) were among the hardest hit.