Federal prosecutors and the Securities and Exchange Commission (SEC) are currently investigating a secret project at Tesla, known as “Project 42,” according to sources cited by the Wall Street Journal. This project, which was internally described as a glass-walled house for CEO Elon Musk in Austin, Texas, has drawn attention due to concerns regarding how much was spent on it and whether it provided a personal benefit to Musk. These investigations are in the early stages and may not result in formal accusations.
The SEC requires companies to disclose transactions over $120,000 when an executive officer has a material interest, as well as inform investors about personal benefits over $10,000 received by senior executives. In July, Tesla board members expressed concerns after an order was placed for specialized glass worth millions of dollars. It’s unclear if the order was fulfilled or if the company has completed its internal investigation.
Additionally, federal prosecutors are reportedly seeking information on the driving range of Tesla vehicles. A recent Reuters investigation alleged that the company manipulated its software to provide exaggerated estimates of battery capacity and created a team to discourage Tesla owners from attending service appointments related to range concerns.
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