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Elon Musk’s Twitter rant results in $14 billion loss in value for Tesla

“Tesla stock price too high, imo” he tweeted adding that Musk wanted to sell all his possessions including his house.

May 02, 2020 / 07:47 PM IST

In a series of tweets, Elon Musk said some things that may not have gone down well with investors resulting in a loss of $14 billion in value for Tesla.

“Tesla stock price too high, imo” Musk tweeted adding that he wanted to sell all his possessions including his house.

Musk’s rants on twitter are fairly well-known and for investors it has always been a ‘headache’ said Wedbush Securities analyst Daniel Ives when speaking with Reuters.

"We view these Musk comments as tongue-in-cheek and it's Elon being Elon. It's certainly a headache for investors for him to venture into this area as his tweeting remains a hot button issue and [Wall] Street clearly is frustrated,"

Trying to get some clarification from the Tesla founder, the Wall Street Journal asked if the tweet was a joke, to which Musk replied, “No.”

The electric carmaker’s market cap is currently around $130 billion and it last traded for $701.32 (closing market price May 1). 

Musk also said that there was one condition to a sale. The house formerly owned by actor and producer, Gene Wilder was also going up for sale, but cannot be torn down.

Moneycontrol News
first published: May 2, 2020 10:58 am