Tesla collapses on the stock market after writing Elon Musk on Twitter that the shares are very expensive

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Brian Adam
Professional Blogger, V logger, traveler and explorer of new horizons.

Write in your official account that you will sell your physical properties

Elon Musk Tweet

There have been three tweets from Tesla’s founder and first shareholder, Elon Musk. In the first, he has assured that he is preparing to get rid of all his physical properties and has stressed that he will not have a home.

In the second, he said that Tesla’s shares are very expensive and the market has listened to him. Immediately the titles of the American manufacturer of electric cars have plummeted and come to fall 10%.

Finally, he has asked, without apparently identifying who is asking him, to return freedom to the people.

Elon Musk has written these tweets with a difference of minutes and the effect is being devastating.

This is not the first time that Musk’s fondness for writing on Twitter has given him more than a headache. In April 2019, Musk agreed not to post information on the vehicle production or sales of the luxury electric car maker on Twitter without his tweets being reviewed by lawyers, according to an agreement he reached with the U.S. Securities and Exchange Commission ( SEC).

That pact aimed to settle the lawsuit filed against Musk and Tesla by the SEC regarding tweets sent by the manufacturer’s founder this year. In those messages, Musk noted that Tesla would produce 500,000 vehicles this year, a figure far higher than official estimates. of the company.

Musk later rectified but SEC decided to sue the billionaire because his tweets had violated a previous agreement with the US securities market regulator.

The original agreement established in September 2018 had already set limitations on Musk’s communications via Twitter. The dispute started in August 2018 when Musk said on Twitter that he was thinking of taking Tesla out of the stock market and that he had already found the financing to buy the shares at $ 420 per share, a figure much higher than the market price. for that time. After days of questions and criticism, Musk acknowledged that it was not true and that he was not assured of financing for the operation.

Musk was sued by several investors and the SEC, considering that his tweet had artificially inflated the company’s shares, which had directly benefited him, since he is the maximum investor in Tesla.

In September 2018, Musk, Tesla, and SEC reached an agreement that the first two would pay a fine of $ 20 million each.

In addition, Musk was to temporarily step down as chairman of Tesla’s board of directors and the company would put in place “controls and processes to monitor Musk’s communications.”

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