Tesla stock crashes after Elon Musk tweets: ‘Tesla stock too high imo’

Tek

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Tesla‘s stock price crashed Friday morning after the company’s maverick billionaire founder Elon Musk tweeted that he believed its price was too high. Tesla stock opened at $755 on Friday morning, and by 11:20 ET had crashed by more than 8%. Musk tweeted his thoughts on $TSLA‘s value just nine minutes earlier. The electric vehicle maker surprised Wall Street on Thursday by posting a first-quarter profit despite the wider economic slowdown brought on by the coronavirus pandemic.

The tweet might be surprising to those who remember the details of Musk‘s settlement with the SEC over alleged securities fraud. Aside from having to step down as company chairman, it requires someone review any Musk tweet that might affect the value of Tesla stock.




 
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