Elon Musk’s Tweet Wipes $14 Billion Off Tesla’s Value

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Elon Musk (Getty Images)

Tesla boss Elon Musk wiped $14 billion off the carmaker’s value after tweeting its share price was too high.

It also knocked $3bn off Mr Musk’s own stake in Tesla as investors promptly bailed out of the company.

“Tesla stock price too high imo,” he said, one of several tweets that included a vow to sell his possessions.

In other tweets, he said his girlfriend was mad at him, while another simply read: “Rage, rage against the dying of the light of consciousness.”

In 2018, a tweet about Tesla’s future on the New York stock market led to regulators fining the company $20m and Mr Musk agreeing to have all further posts on the platform pre-screened by lawyers.

On Friday (May 1), the Wall Street Journal reported it had asked the billionaire if he was joking about the share price tweet and whether it had been vetted, receiving the reply “No”.

Tesla’s share price has surged this year, putting the electric carmaker’s value at close to $100bn, a mark that would trigger a bonus payment of hundreds of millions of dollars to the entrepreneur.

“We view these Musk comments as tongue in cheek and it’s Elon being Elon. It’s certainly a headache for investors for him to venture into this area as his tweeting remains a hot button issue and [Wall] Street clearly is frustrated,” Wedbush Securities analyst Daniel Ives told Reuters news agency.

See Also:

Elon Musk Celebrates Tesla’s 1 Millionth Car With A Model Y

Elon Musk Nears Largest Payday For Any Executive In U.S. History With $750 Million

source: BBC

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