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