Tesla Shares Crash After Elon Musk Tweets ‘stock price too high’

Tesla, Inc. CEO Elon Musk is at it again. The share prices for Tesla Inc. plummeted after Elon Musk tweeted that the stock prices were too high. He posted more than a dozen times in less than 75 minutes. In addition to claiming Tesla Inc. shares are too high, Elon Musk also stated that he was selling “almost all” of his physical possessions and won’t own a house.

While some followers wondered after the Twitter barrage if his account had been hacked, the entrepreneur was quick to assure everyone that this was not the case. The Wall Street Journal also reached out to verify if the tweet was vetted or made in jest and Elon responded with ‘No’.

The share prices of Tesla had risen about 85 percent this year due to a rise in production. Moreover, analysts had praised the company as well-positioned for an expected transition to electric cars.

However, the share price sank 10.3 percent to close out at $701.32 Elon’s latest twitter outburst. This is not the first time Elon Musk has posted controversial tweets. In 2018, Tesla, Inc. CEO had said that he had “funding secured” for a quickly-aborted campaign to take the electric car maker private.

At the time, US securities regulators had charged Musk with fraud and fined him $20 million which was part of his dispute with the Securities and Exchange Commission.

Musk had then agreed under an April 2019 deal with the SEC on topics he should avoid on Twitter or other social media. These included statements about acquisitions, mergers, new products as well as production numbers.