Tesla tumbles after Musk tweets stock too high
(Reuters) – Shares of Tesla Inc (TSLA.O) tumbled 9% on Friday after Chief Executive Officer Elon Musk tweeted that the electric carmaker’s high-flying stock was overly expensive.
“Tesla stock price is too high,” Musk said on Twitter in one of several unusual messages, including ones quoting parts of the U.S. national anthem and that he would sell almost all his physical possessions.
The subsequent share drop erased around $13 billion from Tesla’s market value and nearly $3 billion from the value of Musk’s stake. Still, shares remain up almost 50% from the start of April.