The shares of the electric car company fell 10 percent after the CEO went to Twitter in an attempt to talk about his recent rally.
Tesla CEO Elon Musk said on Twitter on Friday that the company's share price, which has been rising in recent weeks, is "very high" in his view. The stock fell sharply after the publication, closing down 10.3 percent
Always volatile, the company's share price has been rising steadily since mid-March, in part due to investor belief that Tesla is ready to lead the transition to electric cars. The shares are worth more than the combined value of General Motors, Ford Motor and Chrysler deaths, which makes millions of cars annually, compared to the hundreds of thousands that Tesla produces.
Tesla announced this week that it made a small profit for the third consecutive quarter. The company, founded in 2003, has never been profitable for a whole year.
Mr. Misk's comment, which was delivered amid a series of unusual posts, may sound somewhat strange given that he long objected to short sellers who targeted Tesla’s stock because they believed it was overrated.
It has recently sparked outrage from the government's efforts to contain the spread of the coronavirus. During the company's conference call with analysts this week to discuss first-quarter results, Mr. Musk, who has drawn fans and critical critics, criticized home stay orders that shut down the Tesla Fremont auto plant, California, calling them "fascists."
"They break people's liberties in the wrong ways," he said in the call, referring to an obscene word. "They are not the reason why people come here or build this country."
Tesla closed production at the factory last month after initially resisting a local request for shelter at home. The company asked some employees to prepare to return this week, but it reversed course. Mr. Misk told the analysts that it was unclear when the company would be able to reproduce there.
***********************
***********************
No comments:
Post a Comment