Shares in the electric carmaker Tesla have fallen at least 10 per cent following a tweet from chief executive Elon Musk's Twitter account that the company's high-flying shares were overly expensive.
Key points:
- It was not immediately clear whether Mr Musk's account had been hacked
- Mr Musk has recently called on US authorities to end social distancing restrictions
- California's coronavirus lockdown has forced Tesla to close a plant
The tweet was one of several unusual messages, including ones quoting parts of the US national anthem and claiming that he would sell almost all his physical possessions, raising questions about whether Mr Musk's account was compromised.
"Tesla stock price is too high," Mr Musk's Twitter account tweeted.
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It was not immediately clear whether Mr Musk himself sent the tweet or whether he had been hacked.
"I am selling almost all physical possessions. Will own no house," the account later tweeted.
The billionaire has a history of sending provocative and sensational tweets, including announcing his now-shelved plan to take the company private and recent criticism of coronavirus-related government lockdowns, which the tweets on Friday about the national anthem appeared to echo.
Mr Musk has recently repeatedly called upon US authorities to end social distancing restrictions, this week calling enforced stay-at-home measures "fascist".
"That is not democratic — this is not freedom. Give people back their goddamn freedom," he said.
California's lockdown has forced Tesla to close its plant in the city of Fremont.
A year ago, Mr Musk settled a dispute with the US Securities and Exchange Commission over his use of Twitter, agreeing to submit his public statements about Tesla's finances and other topics to vetting by the company's legal counsel.
Tesla shares have surged in recent weeks, but are down since Wednesday when the company reported an unexpected quarterly profit, despite manufacturing interruptions caused by the coronavirus pandemic.
Including Friday's drop, the shares remain up more than 40 per cent from May 1, 2019.
Mr Musk's iconoclastic stance has helped him attract more than 33 million followers on Twitter and is generally seen as a marketing boon for Tesla.
Reuters/ABC
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May 02, 2020 at 03:52AM
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Tesla shares tumble after Elon Musk tweets they're too expensive - ABC News
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