Hacked? Tesla Tumbles After Musk Twitter Account Says “Stock Price Too High”

Hacked? Tesla Tumbles After Musk Twitter Account Says "Stock Price Too High"

Hacked? Tesla Tumbles After Musk Twitter Account Says “Stock Price Too High”

Elon Musk just tweeted that he’s planning on selling all his possessions and “will own no house”, before tweeting that Tesla’s share price is “too high” – basically a wet dream for Tesla bears.

Hacked? Tesla Tumbles After Musk Twitter Account Says "Stock Price Too High"

Which raises suspicions about whether Musk’s account was hacked.

Here’s a screenshot of the three tweets (which included a “FREEDOM” tweet referencing his earnings call rant about California’s “fascist” lockdown).

Hacked? Tesla Tumbles After Musk Twitter Account Says "Stock Price Too High"

Musk’s twitter bio has also been changed, though it’s unclear whether this happened on Friday, or whether it was changed prior to today.

Hacked? Tesla Tumbles After Musk Twitter Account Says "Stock Price Too High"

Whatever happened, it’s impacting Tesla’s shares, which are sliding on the “share price too high” comment.

No word yet form the company as the world wonders whether Musk has been hacked…or is perhaps in the middle of another meltdown.

Musk’s insanely huge ego and erratic behavior have been closely followed over the years: From making ridiculous promises and production targets, to smoking weed with Joe Rogan, to his romance with Grimes and penchant for beefs (the SEC and the diving team that rescued the Thai soccer team are two previous adversaries).

The beef with the SEC resulted in Musk giving up his chairman role at Tesla, though he remains CEO and his control over the company is still widely seen as absolute. But if there’s one thing shareholders likely won’t tolerate, it’s a CEO who takes shots at his company’s share price.

At least that’s what one might think: Musk has actually done this before. Back in 2017, Musk said Tesla’s share price was “higher than we deserve”, triggering a dip in shares, though the incident was quickly forgotten, and Tesla shares continued their meteoric rise.

Then again, nobody has more riding on Tesla’s stock price than Elon Musk, who signed off on a new compensation scheme a couple years back that would only pay off if he met certain lofty share-price targets. He’s not even close to his long-term goal, which is why we expect Musk will soon declare the whole episode a hack, even if it was truly an “episode”.

 


Tyler Durden

Fri, 05/01/2020 – 11:17


Read Full Article