Why Tesla Stock Is Moving Today

Tesla (NASDAQ: TSLA) reported record fourth-quarter and full-year 2021 earnings late last month but just filed its full annual report with the Securities and Exchange Commission (SEC) this morning. Tesla shares moved as much as 2.6% higher early this morning. But as of 11:22 a.m. ET, the stock had lost those gains and was 0.7% lower than Friday's closing price. 

The early jump in shares came as the tech-heavy Nasdaq Composite index led the market higher this morning. But the stock may have lost those gains as investors poured over the 10-K filed with the SEC this morning.

In the annual report, Tesla revealed that it has again received a subpoena from the SEC regarding CEO Elon Musk's social-media communications. The latest subpoena came in November 2021, when Musk triggered a stock sell-off after posting on Twitter, asking his followers whether he should sell 10% of his Tesla stock holdings.

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Source Fool.com