Tesla Raises Spending Plan, Discloses New Subpoena On Musk’s 2018 Tweet.

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Tesla Inc (TSLA.O) has increased its capital spending plan by $1 billion, the electric automaker said in a regulatory filing; that also disclosed a second subpoena related to Chief Executive Elon Musk’s go-private tweets in 2018.

The company now expects to spend between $6 bn and $8 bn this year and each of the next two years; up from its previous expenditure plan of $5 billion-$7 billion, as it looks to ramp up production at its new facilities in Texas and Berlin.

The latest subpoena comes as Musk prepares for a legal showdown in October with Twitter; for dropping his $44-billion offer to buy the social media company. 

In June, the regulator had questioned Musk over a tweet in which he raised doubts over his acquisition of Twitter. Due to concerns over the number of fake users and spam accounts. 

Separately, Tesla’s filing said it converted about 75% of its bitcoin holdings into fiat currency; gaining $64 million in the process, while recording an impairment charge of $170 million in the first six months of 2022.

-Reuters.

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