Tesla CEO Elon Musk says stock price is ‘too high,’ shares fall

Nora Tam | South China Morning Post | Getty Images

Shares of Tesla dropped more than 9% Friday after CEO Elon Musk tweeted that the company’s shares are priced “too high.”

The company just days before reported a strong quarter, sending shares higher. Tesla stock was trading at 760.23 just before Musk tweeted and then fell to a session low of 717.64. The total tweet impact brought shares down 5.6%.

Musk has come in hot water for tweeting about the company’s stock in the past. Musk has since agreed to submit his public statements about Tesla’s finances and other topics to vetting by its legal counsel. It’s unclear if Musk had that approval for his tweets Friday. The SEC declined to comment.

The tweet was among others from Musk in the morning. Musk also said he was “selling almost all physical possessions” and to give people back their freedom, presumably referring to shelter-in-place orders. He later started sharing lyrics to the Star Spangled Banner. 

Musk has been outspoken about the coronavirus pandemic, telling investors on the company’s Wednesday earnings call that shelter-in-place orders are “forcibly imprisoning people in their homes against all their constitutional rights.” 

Tesla was not immediately available to comment on Musk’s tweets.

This is breaking news. Please check back for updates.

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