New Delhi: Two government organisations are looking into Tesla’s “Project 42” hidden glass house project. According to reports, the project calls for constructing a glass skyscraper next to Tesla’s offices in Austin, Texas.
The Securities and Exchange Commission (SEC) and the US Attorney’s Office for the Southern District of New York are both investigating the initiative. The US Attorney’s Office is looking into whether Musk broke any laws by utilising corporate resources for personal gain, while the SEC is also looking into whether Tesla utilised company cash for the project. (Also Read: Low-Cost, High-Earning Business Idea: Start Your Own Biz Venture With Just Rs 2-5 Lakh Investment And Generate Monthly Earnings Of Rs 90,000)
The living quarters for Project 42 were to have a kitchen, a bathroom, and bedrooms. Some designs called for the building to be shaped like a “twisted hexagon” or a glass cube resembling Apple’s Fifth Avenue shop. (Also Read: Daughters Of Destiny: These Women Are Not Only Running Their Father’s Business But Also Revolutionizing The Game – In Pics)
After staff members voiced concerns about the specific glass required for the project, the Tesla board opened a probe into Project 42 in July. Uncertainty exists around whether the board approved the company’s order for the glass, and the board is allegedly currently looking into the situation.
When an executive has a material interest in a transaction, the SEC mandates that corporations disclose it. Additionally, executives must disclose any personal perks worth $10,000 or more that they receive.
It is still too early to predict if the Project 42 investigations would result in any official charges. The investigations are a significant development for Tesla, though, given the company has recently been under increased regulatory scrutiny.
Federal investigators are apparently looking into the driving range of Tesla’s cars in addition to the Project 42 inquiry. After Reuters reported last month that the company’s electric vehicles (EVs) routinely fall short of their estimated range, the corporation is being questioned.
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