Tesla Declined After Musk's Tweets

Tesla Declined After Musk's Tweets

Tesla Inc (O: TSLA) shares fell 9% on Friday after Chief Executive Officer Elon Musk tweeted that the electric car manufacturer's stock was too expensive. "The Tesla stock price is too high," Musk said on Twitter. The drop in shares was around $ 13 billion from Tesla's market cap. Almost 3 billion dollars have been deleted from the value of Musk's stock. Still, stocks have increased by almost 50% since the beginning of April. Two hours after the tweets started to be thrown, Tesla did not respond to requests for comments. Commenting on Twitter was avoided. The Wall Street Journal stated that Musk replied "No" to an e-mail asking if he was joking. Musk has examples of provocative tweets in the past. In August 2018, he tweeted that Tesla, which led to a fraud case by the U.S. Securities and Exchange Commission, provided funding to get a huge premium. Musk agreed to pay $ 20 million, allowing a Tesla lawyer to provide front screen tweets containing important information about the company. Tesla's shares have increased in recent weeks. However, despite the manufacturing cuts caused by the coronavirus pandemic, the company declined on Wednesday after announcing the company's unexpected quarterly profit.