by Brandon Butler
SEC is investigating the “Voltswagen” disaster 4/30/2021

Kyle Hyatt for CNET:

It’s pretty safe at this point to say that Volkswagen’s attempt at an April Fool’s Day prank, in which it claimed to be changing its name to “Voltswagen,” was an unmitigated disaster that severely damaged the automotive media’s trust in the organization and likely damaged the public’s image of the company as well. Still, it looks like embarrassment is the least of VW’s worries.

According to a report published Thursday by Der Spiegel, the Securities and Exchange Commission has decided to launch an investigation into Volkswagen’s North American arm to determine if the whole Voltswagen affair influenced the brand’s stock price.

News of the fake name change — back when we all believed it was real because Volkswagen was literally lying to the media about it — caused a surge in shares the equated to billions of dollars of market value, according to Bloomberg.