Musk loses $ 2.8 Billion after tweeting Tesla overly promotional shares

US, WASHINGTON (ORDO NEWS) — Elon Musk’s tweet about “too expensive Tesla shares” cost the entrepreneur $ 2.8 billion – his fortune fell so much on Friday after falling quotes. The company’s capitalization decreased by $ 14 billion.

The state of Elon Musk on Friday for several hours fell by $ 2.8 billion to $ 36.6 billion, follows from the Forbes Real-Time rating, updated in real time.

The reason was a sharp drop in Tesla shares after a billionaire on Twitter said that the market, in his opinion, is overestimating the stock of his company. “The value of Tesla’s shares is too high, IMHO,” the head of the company wrote May 1.

Following the Mask tweet, Tesla shares plummeted. On Friday, at the close of trading, securities fell by more than 10% to $ 701.32. The company’s capitalization per day decreased by $ 14 billion, writes the Financial Times. A Tesla spokesman declined to comment.

The Wall Street Journal told the billionaire whether it was a joke and whether lawyers checked his tweet before publishing. To both questions, Musk declared: “No.” The same evening, the entrepreneur has published several tweets in which he called “return to people their freedom” and said that he intends to sell all of his possessions.

Earlier this week, Tesla reported a third consecutive profitable quarter. The company earned $ 16 million in revenue of $ 5.99 billion.

Elon Musk’s comments on Twitter have already become a pretext for conflicts with the US Securities Commission and litigation. In August 2018, Musk wrote that he was ready to turn Tesla into a private company, having bought its shares from the exchange for $ 420 apiece.

Thus, he provoked a sharp increase in the value of securities of the manufacturer of electric vehicles. The authorities considered that the words about the ransom plans were unfounded, and Musk misled everyone.

The entrepreneur was able to agree with the regulator, agreeing to leave the post of chairman of the board of directors of the company. In addition, Tesla paid a $ 20 million fine. A similar fine was paid by Musk himself, who also pledged to coordinate with the regulator messages on social networks that could affect investor decisions regarding Tesla.

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