The news immediately hit Tesla shares.
Bloomberg described this as "an unusual move" because, typically, when your company has nothing to hide, there's little reason to, well, cease cooperating with investigators: we can only imagine Elon Musk would have fired Mueller long ago if he were president. Still, though it won't have a formal role in the probe, Tesla will still provide "assistance" to the NTSB.
In justifying its decision, Tesla made an unusual argument: That it would withdraw from the probe in the interest of transparency because the NTSB has repeatedly stopped it from releasing information about autopilot, something that Tesla says violates its "commitment" to transparency.
"Tesla withdrew from the party agreement with the NTSB because it requires that we not release information about Autopilot to the public, a requirement which we believe fundamentally affects public safety negatively," the company said in an emailed statement. "We believe in transparency, so an agreement that prevents public release of information for over a year is unacceptable."For what it's worth, the NTSB says it kicked Tesla off the probe for hiding evidence and lying to investigators - an action that wouldn't be altogether unprecedented.
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As Bloomberg points out, because it's a relatively small agency, the NTSB relies on the cooperation of companies like Tesla to assist in its probes.
While the NTSB has no regulatory powers, it makes safety-related recommendations to both the government and transportation companies. Meanwhile, the National Highway Traffic Safety Administration does have the power to order recalls and fine manufacturers; it also investigated the 2016 Tesla crash and closed its probe in January 2017, saying it didn’t find a defect.
With Musk trying to pivot focus back to the company's long climb out of "production hell" - and his recent announcement that production of the next Tesla Model would begin late next year - will markets once again go along with it?
Judging by today's action in Tesla shares, it doesn't look like it.