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Elon Musk, who has been actively calling for the reopening of the country on social media, continues to display bizarre behavior on Twitter and his tweets are beginning to cost shareholders a ton of money.
On Friday morning, Musk tweeted out “Tesla stock price is too high, imo” and the market immediately reacted when the stocks saw an immediate 7 percent plunge.
Tesla stock price is too high imo
— Elon Musk (@elonmusk) May 1, 2020
Tesla shares extend drop after CEO Elon Musk tweets "Tesla stock price is too high imo" https://t.co/6uJe65xHxu pic.twitter.com/3CcdMr2Uva
— CNBC Now (@CNBCnow) May 1, 2020
Here's the 5-min chart of Tesla.
$TSLA ▼ 21% from yesterday's high. pic.twitter.com/dTE8woqpHO— Stocktwits (@Stocktwits) May 1, 2020
Tesla’s stock saw a 10 percent drop less than 30 minutes after Musk’s tweet.
>@elonmusk said Tesla stock was too high. OK then! It dropped 10%!
— Jake Sherman (@JakeSherman) May 1, 2020
The eccentric billionaire has gotten in trouble for tweeting about the company’s stock in the past and could be subject to a hefty fine by the SEC due to an agreement with the commission last fall.
https://twitter.com/stevekovach/status/1256251622713364482
Musk went on to share other strange tweets that led many to question whether he was hacked or just trolling the public.
I am selling almost all physical possessions. Will own no house.
— Elon Musk (@elonmusk) May 1, 2020
Now give people back their FREEDOM
— Elon Musk (@elonmusk) May 1, 2020
O'er the land of the free and the home of the brave?
— Elon Musk (@elonmusk) May 1, 2020
Oh, say does that star-spangled banner yet wave
— Elon Musk (@elonmusk) May 1, 2020
And the rocket's red glare,
the bombs bursting in air— Elon Musk (@elonmusk) May 1, 2020
Rage, rage against the dying of the light of consciousness
— Elon Musk (@elonmusk) May 1, 2020
Just one stipulation on sale: I own Gene Wilder’s old house. It cannot be torn down or lose any its soul.
— Elon Musk (@elonmusk) May 1, 2020