‘Tesla stock price is too high’: Elon Musk sends shares into freefall with deluge of tweets
Elon Musk has stirred up a new Twitter controversy by claiming that the shares of his electric car company were priced “too high.” The remark sent Tesla stock downhill and summoned a horde of angry shareholders into Musk’s feed.
The billionaire unleashed a series of perplexing tweets on Friday, vowing to sell “almost all physical possessions” and to “own no house.” He also apparently took yet another jab at the anti-coronavirus measures he’s previously spoken out against, tweeting “Now give people back their FREEDOM,” as well as posting lyrics from The Star Spangled Banner.
The strongest reaction, though, was provoked by another of Musk’s posts, in which he suggested the Tesla shares were actually overpriced.
Tesla stock price is too high imo
— Elon Musk (@elonmusk) May 1, 2020
His comment immediately sent Tesla stock into a nosedive, with shares falling more than 11 percent on Friday. The plunging price quickly sparked a horde of raging shareholders to turn on Musk’s Twitter feed to vent off their anger.
You are a callous arrogant a-hole. You are hurting people’s lives with these repeatedly, irresponsible comments. You cost me thousands and thousands of dollars today. You don’t care. Oh I’m selling and I will never support anything you are associated with…ever.
— James Duffy (@jduffy008) May 1, 2020
Some suggested the remark was actually a well-calculated and not-that-subtle attempt to manipulate the markets and buy out the shares as they drop.
Good idea to tweet, create panic sale, then buy back own stock at a better price.
— Amit Bhawani (@amitbhawani) May 1, 2020
Others, however, accused Musk of just being selfish and not caring about shareholders at all, wondering aloud how he could “say such a stupid thing?” to tank people’s investment.
Some suggested that the Tesla stock price was not the only thing being “too high,” given the erratic tone of the new Musk’s Twitter outburst.
You know what else is way too high? pic.twitter.com/fLUuMKzKFC
— Fabian Mario Doehla (@fabiandoehla) May 1, 2020
Musk is by no means a stranger to stirring up a furore by tweeting, let alone ruffling the feathers of Tesla’s shareholders. Back in August 2018, he tweeted about “considering taking Tesla private,” while claiming that the funding had been already “secured.” Though Musk changed his mind shortly after, both he and the company are still defending shareholder lawsuits stemming from the explosive tweet.
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