Tesla suspected Elon Musk of using the company’s funds to build a glass house
Tesla could investigate CEO Elon Musk over potential misconduct. This was reported by Engadget.
According to sources at The Wall Street Journal, the electric car maker’s board has launched an investigation over concerns that Musk may be using company funds to build a house in Austin. The initiative, called “Project 42”, is believed to have involved the purchase of special glass worth millions of dollars. Firms associated with Musk in particular have also bought large amounts of land in the area.
Concepts for the house resembled a “twisted hexagon” or a glass cube, similar to the Apple store on 5th Avenue. According to sources, it was a personal space as it included bedrooms, bathrooms and a kitchen.
Nothing is known yet about the progress and results of the investigation. However, the board of directors reportedly wanted to know if Elon Musk was involved. Bloomberg learned of the glass order last year, but was unaware of the board of directors or the nature of “Project 42.”
As you know, executives sometimes get perks like airplanes. However, policies around these rewards vary, and Tesla’s approach is relatively strict. The automaker requires an audit by the committee of the board of directors of any expenses in the amount of more than $120,000, if a related person, for example, the CEO, has a material interest.