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Elon Musk can’t stop tweeting and gets into trouble again. His recent statements caused the collapse of Tesla’s shares. That could call SEC on the plan.
Tesla boss Elon Musk has slashed the electric car maker’s market value by billions with a series of strange tweets. Musk wrote Friday that he believes Tesla’s stock price is too high. In addition, the billionaire tweeted: “I sell almost all physical properties,” and that he will no longer own a home. Tesla’s stock then ended the trading day with a negative sign of a good ten percent. When asked by the Wall Street Journal if the tweets were a joke and if the company approved them before publication, Musk responded by email with a “no,” the newspaper reported.
That could put the Tesla chief back in focus for the US Securities and Exchange Commission. USA An agreement with the authorities stipulates that Musk must have the company approve his tweets. This was sparked by Musk’s announcement on Twitter in the summer of 2018 that he was considering withdrawing Tesla from the stock exchange and that funding was secured. The SEC, after an investigation, concluded that Musk had no firm funding commitments and enforced Twitter’s restrictions.
Musk is also known to cause a stir and confusion with strange Twitter appearances. After the SEC deal, he wrote that he was Tesla’s “new nothing” and thus generated speculation that he had resigned from the executive position. On April 1 last year, he tweeted a photo jokingly about a Tesla bankruptcy. An important question now might be whether the indication that it was Musk’s opinion released him from the release obligation.
The stock comes from all time, while Tesla entered calm waters financially after heavy losses. It was only on Wednesday that the company celebrated its longest profitability tranche since its founding in 2003 with the third consecutive quarterly profit. Despite heavy losses on Friday, the stock price has risen by more than 80 percent since the start of the year, despite the crown pandemic plaguing the laden auto industry.
