Elon Musk’s Tweet Reduces Tesla’s Stock Price By Almost 12 Percent
Photo: Ringo H. W. Chiu/AP/Shutterstock

Elon Musk’s Tweet Reduces Tesla’s Stock Price By Almost 12 Percent

Tesla’s shares value dropped by up to 12 percent after CEO, Elon Musk tweeted that his company’s share was “too high”.  Musk’s own share in the electric vehicle maker had plummeted by about $3 billion as investors took out their investments in the company.


Musk wrote, “Tesla stock price too high imo” on his Twitter page.



The company had just reported a strong first quarter prior, boosting its shares. Tesla’s stock was trading at $760.23 before Musk’s tweet and then fell to $717.64, before falling even more afterward.


Musk also tweeted that he was “selling almost all physical possessions”.



The CEO then followed with a tweet that his girlfriend was mad at him.


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Following that up with “Now give people back their FREEDOM”, referring to the stay at home orders. Musk had previously called the orders fascist and also tweeted “Free America Now” to the ire of fellow countrymen.



Then he shared lyrics from the Star-Spangled Banner with his followers.


Not the first time

This is not the first time Elon Musk is affecting Tesla’s share price by his actions on Twitter. Musk had tweeted in 2018 that he wanted to take the electric car company private at $420 per share and claiming that he had the funding to do so.


As a result, its shares skyrocketed and trading was halted. The Securities and Exchange Commission (SEC) judged the tweet as targeted at affecting the market. The SEC fined him and forced Tesla to put checks in place to prevent a future occurrence.


A federal judge in April 2020 had, however, said Tesla and Musk must face a lawsuit by shareholders over the tweet, with a claim that Musk had the intention to defraud them.


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Kolawole Awolope

Passionate about talking, passionate about talking tech.

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