Elon Musk knocks US$14bn off Tesla market value

Sunday, 03 May, 2020

He hadn't confirmed the pregnancy before, Business Insider reports.

Musk took to Twitter on 1 May to say that Tesla's shares were "too high", despite the COVID-19 pandemic, while also expressing optimism about the company's long-term future.

Tesla stocks are too damn high, or something like that. "Will own no house", the account later tweeted.

As Ars Technica points out, before Musk sent that tweet, Tesla stock was around $760 (£607) a share, but 20 minutes later it dropped to $722 (£577), or five per cent lower.

The tweet came amidst a string of tweets starting with an announcement that he was "Selling nearly all my physical possessions" and "Will own no house", followed by lyrics from the U.S. national anthem and another tweet indicating that his girlfriend, pop singer Grimes, "is mad at me".

His remarks came amid a broader tweetstorm on Friday morning.

Earlier this week he tweeted to his 33.4 million followers some strong criticism of United States stay-at-home restrictions because of the coronavirus pandemic.

California's lockdown has forced Tesla to close its plant in the city of Fremont.

He railed against the shutdowns and orders in a shareholder call earlier this week, calling them "fascist" in a rant that was abruptly cut off when the call was disconnected.

Musk said the promise to sell his possessions included his house, formerly owned by actor and producer Gene Wilder, and bought in 2013. As of the writing of this article, Tesla stock sits at $702 (£561) a share, or $80 less than yesterday's closing price.

Musk is supposed to seek pre-approval if his tweets include anything regarding the company's securities, including his acquisition or disposition of shares, nonpublic legal or regulatory findings or decisions.

Site highlights each day to your inbox.

An SEC representative did not immediately respond to a request for comment.