All it took was one tweet.
Last Friday Elon Musk managed to single-handedly wipe out $15 billion off of Tesla’s market cap. How? One single tweet. In a series of incendiary tweets spanning 75 minutes, Elon Musk began with claiming that Tesla’s “stock price is too high”. Needless to say, shares fell nearly 12% and dropped below $700 a share, before rebounding later in the day to close at $701.32 a share.
We are still puzzled as to why this happened. Why would a superior human being decide to inflict harm on his own company? Especially after the SEC instructed Tesla’s board to monitor Musk’s public statements. So will this have repercussions down the road? We have yet to find out.