Elon Musk floats Tesla on the stock market

But what does Elon Musk play? Electric vehicle maker Tesla plunged to Wall Street Friday after a series of baffling tweets from its boss, including one that called the share price "too high". The title ended the session on a plunge of 10.3%, after having tumbled more than 13% a little earlier. However, it has increased by more than 65% since the start of the year.

Tesla stock price is too high imo

In conflict with the SEC

The message posted in the afternoon by Elon Musk, Tesla's main shareholder, does not explain the potential overvaluation of the company. The atypical leader will however doubtless have to find one. His tweet is indeed likely to draw the attention of the authority of the financial markets, the SEC, sourceuse on the communication of information having consequences on the evolution of the Stock Exchange.

And it will not be a first for Elon Musk to have trouble with the policeman of the American stock exchange. His message is reminiscent of another from 2018 in which he indicated a possible withdrawal of Tesla from the stock market. The latest tweet sparked a Homeric showdown between the business owner and the SEC, which resulted in an agreement that he was stripped of his cap as chairman of Tesla's board of directors.

In 2019, after further hostilities, the agreement was amended to list subjects on which Elon Musk could not tweet without the prior green light from Tesla's legal director. The list included information on the company's financial health, potential mergers and acquisitions, production and sales figures for cars, new models of cars, purchase of Tesla securities and financial products. For the financiers who speculated Friday on the Tesla stock market collapse, there is therefore no doubt that the leader will not be able to override the sanctions.

Angry

Besides, it is not the only message to have raised the misunderstanding on May 1st. All day long, Elon Musk seemed to be playing with Tweeter by launching into a series of messages, disconnected from each other. “I'm going to sell all of my physical goods. Will not own (more) house ”, can we read on his account. In two messages, the whimsical leader reiterates his sharp criticisms against the confinement intended to limit the spread of the Covid-19. "Now give the people back their FREEDOM", he got carried away before concluding with "Anger, anger at the death of the light of conscience".

Already on Wednesday, Elon Musk had called confinement "fascist", believing that this measure was suffocating businesses. The leader had closed the Tesla plant in California backwards on March 19 and wanted to reopen it on May 4 but the extension of confinement and social distancing thwarts this project. All this did not prevent Tesla from generating a net profit of $ 16 million in the first quarter, a first for the first three months of the year since the creation of the group 17 years ago.

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