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Tesla founder Elon Musk removed $ 14 billion from the automaker’s value after tweeting that its share price was too high.
Photo: AFP
The tweet also removed $ 3b from Musk’s stake in Tesla, as investors quickly left the company.
“Tesla’s stock price is too high,” he said, in one of several tweets that included a vote to sell his possessions.
In other tweets, he said his girlfriend was angry at him, while another simply said, “Rage, rage against the death of the light of conscience.”
In 2018, a tweet about Tesla’s future in the New York stock market led regulators to fine him with $ 20 million and to accept that all additional posts on the platform be previously reviewed by attorneys.
‘Headache’ for investors
The Wall Street Journal He reported that he had asked the billionaire if he was joking about the share price tweet and if he had been scrutinized, receiving the answer “No”.
Tesla’s share price has risen this year, putting the electric car maker’s value at close to $ 100 billion, a mark that would trigger an additional payment of hundreds of millions of dollars for the businessman.
Tesla’s share price is too high
– Elon Musk (@elonmusk) May 1, 2020
“We see these comments from Musk as a tongue in the cheek and it’s Elon being Elon. It certainly is a headache for investors to delve into this area as his tweets remain a hot topic and [Wall] The street is clearly frustrated, “said Wedbush Securities analyst Daniel Ives Reuters news agency.
In 2018, Musk tweeted that he may have raised funds to possibly remove Tesla from the stock market and take it privately, again leading to changes in the stock price. The Securities and Exchange Commission considered it a comment that moved the market, fined it, and forced Tesla to set up checks to make sure it didn’t happen again.
I am selling almost all physical possessions. You will not own any house.
– Elon Musk (@elonmusk) May 1, 2020
But last month, a federal judge said Tesla and Musk must face a shareholder lawsuit over the private tweet, including a claim that Musk intended to defraud them.
Earlier this week, he tweeted to his 33.4 million followers some strong criticism of the United States’ restrictions on staying home due to the coronavirus pandemic. It was found in court last year after tweeting that a British diver was a “fart boy.”
Musk said the promise to sell his possessions included his home, previously owned by actor and producer Gene Wilder, and which he bought in 2013.
“A stipulation for sale,” he tweeted, “I own Gene Wilder’s old house. You cannot tear down or lose anything of his soul.”
-BBC
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