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Tesla Stocks Plummet After Dubious Tweet By Elon Musk

by Dev Chinnappa
May 1, 2020
in Business
Reading Time: 1 min read
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Tesla Stocks Plummet After Dubious Tweet By Elon Musk

SpaceX founder Elon Musk addresses members of the media during a press conference announcing new developments of the Crew Dragon reusable spacecraft, at SpaceX headquarters in Hawthorne, California on October 10, 2019. (Photo by Philip Pacheco / AFP) (Photo by PHILIP PACHECO/AFP via Getty Images)

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Tesla stocks crashed by over 13% after founder Elon Musk tweeted that he believed the share price was too high. 

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Tesla stock price is too high imo

— Elon Musk (@elonmusk) May 1, 2020

Although not known to be your average CEO, Musk’s eccentricities in this instance could end up costing him millions. Though Tesla stocks are still up about 65% for the year, the surprising post rings alarm bells reminding one of Musk’s previous tweets, claiming he would be taking the company private at $420 which ended up losing him and the company around $40 Million. 

The SpaceX founder followed up with a barrage of tweets claiming he will soon be selling “almost all” possessions. 

I am selling almost all physical possessions. Will own no house.

— Elon Musk (@elonmusk) May 1, 2020

Musk has previously been extremely vocal about the spread of the coronavirus. He previously supplied a large of ventilators to healthcare services, however had bashed the mandatory stay-in-place orders as “forcibly imprisoning people in their homes”

Partial list of hospitals to which Tesla sent ventilators pic.twitter.com/sfI6yuUbrM

— Elon Musk (@elonmusk) April 16, 2020

Now give people back their FREEDOM

— Elon Musk (@elonmusk) May 1, 2020

The company had very recently reported a strong quarter and was trading at $760.23, which dropped to $717.64 after the post. Neither Tesla, nor Musk has commented publicly on the intention or reason behind the tweet.

Tags: Elon MuskTesla
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