Elon Musk says Tesla stock price is too high, wipes $14 billion off value
The tweet resulted personally in the loss of $3 billion off Musk's personal stake in the company.
By ZACHARY KEYSERSpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the automobile awards "Das Goldene Lenkrad" (photo credit: REUTERS)
The outspoken Tesla and SpaceX CEO Elon Musk oddly tweeted that the Tesla share price was too high in his opinion on Friday, consequently resulting in a $14 billion dollar loss in the company's value as the tweet sent investors promptly heading for the hills.The tweet resulted personally in the loss of $3 billion off Musk's personal stake in the company."Tesla stock price is too high imo," Musk said in his tweet.Tesla's market cap currently stands at around $147.38 billion, according to Refinitiv data. Wall Street brokerages gave a resounding thumbs-up to Tesla Inc's first-quarter numbers on Thursday, lauding the electric carmaker's improved gross margins and sending its shares 8% higher in trading before the opening bell on Thursday.In the tweets following, Musk appeared to be writing in a sort of stream of consciousness literary style as the CEO vocally, as he has before, advocated against the shelter-in-place regulations that continue to keep Americans on lockdown throughout the United States."Now give people back their FREEDOM," Musk wrote on Twitter as the Tesla CEO proceeded to recite the Star Spangled Banner in derision. "O'er the land of the free and the home of the brave? Oh, say does that star-spangled banner yet wave. Gave proof through the night that our flag was still there. And the rocket's red glare, the bombs bursting in air."Previously, he has called the lockdown restrictions "fascist," pushing Americans into "de facto house arrest" adding that in his opinion there have been blanket classifications of coronavirus deaths "even if corona didn't cause the death" which is "misleading to the public."His remarks come around a year after Tesla managed to end a series of legal and regulatory rows over Musk's social media posting by agreeing restrictions with regulators. The Wall Street Journal reached out to Musk for comment by email asking if the tweet regarding the Tesla share prices was made in jest or if it was vetted by lawyers as instructed by the company, to which they received the reply "No.""Rage, rage against the dying of the light of consciousness," he concluded, in that series of tweets.Musk then went on to note that he will be selling all of his worldly possessions, adding that he will "own no home.""Just one stipulation on sale: I own Gene Wilder’s old house. It cannot be torn down or lose any its soul," Musk said, adding that his girlfriend is mad at him for said decision.One twitter user asked him if he's selling off his things for the money, since Musk admitted he was cash-poor in the 2019 lawsuit against the British diver who he called "pedo guy" on Twitter the year before - most of Musk's $23.6 billion fortune is tied to his stakes within Tesla and SpaceX."Don’t need the cash. Devoting myself to Mars and Earth. Possession just weigh you down," Musk responded.
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