7 ms·

Tesla stock plunged after Elon Musk tweeted it was “too high”

30 points by taytus 6y ago

swyx 6y ago
either he's having a nervous breakdown or he knows something we dont...
- coldpie 6y ago
  It's Musk, he has whiny meltdowns on Twitter all the time. The best thing SpaceX and Tesla could do is rid themselves of him.
  - ecoled_ame 6y ago
    what do you tweet to your following? expressing emotion isn’t a “meltdown”.
    - bdcravens 6y ago
      A CEO (and a leader of a country, I should add) have a power with their words that requires them to speak with a different voice. If that's not possible, resigning is an option.
      - ecoled_ame 6y ago
        ppl can do whatever they want on twitter there’s no rulez or consequences. it’s exactly the same as league of legends or banjo kazooie.
        bdcravens 6y ago
        There's a different between what you can do and what your responsibilities are. As for consequence, there no shortage of examples of consequences, some of which we've seen on HN.
        ecoled_ame 6y ago
        but you’re not “you” on twitter; how could your character have responsibilities? twitter is a video game (think mario, ffvii, etc). why did u put your job title in the description of your twitter profile? r u playing as yourself? kinda boring, u can be anything.
        dagmx 6y ago
        This is a bizarre take. Elon isn't tweeting as an alt. He is tweeting from a verified account linked to his name, which is further considered official messaging of Tesla. Your argument makes no sense here since it doesn't apply at all.
        ecoled_ame 6y ago
        quit making random declarations, calling me bizarre, saying i’m invalid. you’re basically a bully. i’m not constructing an argument, i’m expressing myself. i’m having memetic sex w you. i’m a woman
        wbronitsky 6y ago
        This thread is just low effort trolling at this point. Maybe that New Yorker article really ruined this forum for good?
        ecoled_ame 6y ago
        are you talking to me or just announcing? i’m not trolling, i’m making a genuine point about twitter and how that game should be played. everyone just clones themselves on there. it makes the game so lame. the attachment of twitter profiles to real personalities makes ppl think users are actually having “meltdowns” when they are just having fun and being creative. trust me i spend a lot of time on twitter. and btw ive used this forum for a long time under different accounts. i’m not some pleb who read a random nyt article and is trying to steal the glory of your rationalist mecca.
        fzzzy 6y ago
        sorry, the sec has rules that prohibit a ceo from writing fanfic about themselves in ways that materially affect the markets.
- smt88 6y ago
  > he knows something we dont He absolutely knows things we don't, such as today's snapshot of Tesla's financial state, internal projections, negotiations with suppliers, and back-channel info given to him by other powerful people. He was a Trump advisor for a while, so I'm sure he still has connections in federal government from that.
- ulfw 6y ago
  It's his narcissistic disorder. He can't take that the Coronavirus is front and centre in the news instead of him. He did the same shit when Thai kids got lost in a cave and his highness thought his useless-for-the-purpose invention could free the kids. Yet when a diver criticized him he went on a pedo tirade.
jiveturkey 6y ago
also after the rest of the market tanked ...
- bdcravens 6y ago
  The market is down about 2.5% today. Bad, but hardly "tanked". (it had fallen less than that at the time of his tweets) TSLA is down almost 9% (was 12% at one point).
deleted 6y ago
[deleted]
0x8BADF00D 6y ago
No, it tanked because we’re in a bear market and there is a massive recession in progress. Who’s gonna buy a Tesla?
- danhak 6y ago
  The massive plunge in share price coinciding exactly with the timing of the Tweet begs to differ.
  - 0x8BADF00D 6y ago
    The auto industry has been imploding in general. You were a fool if you longed TSLA. I didn’t and am very bearish on it.
    - enlyth 6y ago
      Your original comment is incorrect though, it did tank 10% immediately after his tweet, it was literally the catalyst.
      - cvs268 6y ago
        Cue something about correlation vs. causation...
      - 0x8BADF00D 6y ago
        How is it incorrect? Because Axios said so? Keep listening to the media, your portfolio will go down by double.
vgchh 6y ago
Just the other day I was defending EM that he has the freedom to express himself. Today I deplore him for making the tweet that impact the stock price and hence financial well being of shareholders, without sufficient explanation. Why is the stock price too high? Or are you just kidding? How should we be interpreting this riddle?
- Udik 6y ago
  Maybe I'm naive, but isn't the market cap of Tesla twice that of Volkswagen, a company that sells 10 million vehicles each year? How can the question be "why is the price too high"? I feel like the price of Tesla is as disconnected from any physical reality as that of bitcoin. Pure speculation, in other terms.
  - neaden 6y ago
    The point is that the CEO of a company has certain duties, and tweeting like this goes against them. Consider how easy it would be for a CEO to manipulate the stock market with statements like this to enrich themselves or people they've informed. In addition, Elon Musk has been fined by the SEC before for making statements like this.
    - fastball 6y ago
      I don't agree. The duty of a CEO is to be honest.
- naveen99 6y ago
  He said it was his opinion.
  - vgchh 6y ago
    Unfortunately as CEO of a public company, I don’t believe he can make stock moving statements casually, without backing it by information. It can’t be left as an exercise for the reader - if it’s opinion, why does he think so? Or maybe he is j/k. How should we decode this information?
mullingitover 6y ago
I feel like this is the sort of statement that the SEC (not to mention the board) would frown on.
- canada_dry 6y ago
  > statement that the SEC and the board would frown on True. But, he's not wrong. TSLA has doubled since Jan. yet about the only revenue that's doubled is sales of emissions credits.
  - mullingitover 6y ago
    Regardless, I would be livid if I was a Tesla employee, the CEO was seemingly trying to depress the share price, and stock options were part of my comp.
- Traster 6y ago
  Yes, I look forward to their settlement, I'm sure it'll be something like "We'll frown in your direction if you do this again for the 18th time". Honestly, why are we talking about the SEC as if they have anything to do with anything.
  - perl4ever 6y ago
    Well, can't Tesla/Elon be sued by shareholders independently of the SEC?
kumarvvr 6y ago
So, do the buyers and sellers actually know what they are doing? The stock market seems to be running on emotions, more than analysis, which, it always seems to be.
pauldelany 6y ago
Not the only thing too high...
sunstone 6y ago
Calling your stock over valued is not unprecedented. Even Mr. Buffet has done so in the past. What is a little unusual is to announce this in the middle of the trading day.
- vgchh 6y ago
  Interesting. In case of Buffet, did he provide additional information to back up his claim? I case of EM, I have no idea if he is kidding or serious. This leads to confusion, loss of value - potentially unnecessarily.
  - sunstone 6y ago
    To be honest I don't think anyone can value Tesla with any accuracy, not even Musk. The prudent valuation is to value it as a straight up auto company. But then, what about the tera batteries, the solar roofs, the cybertruck (which seems to have caught on beyond anyone's expectation), the self driving software, the industrial batteries, the domestic batteries and the utility batteries? Throw in implied insurance on the downside due to Musk's equity in SpaceX. What does all this speculation add up to? A lot less than you would think if someone else patents a break through battery that can scale. What are the chances? No one has a clue. For sure though, right now, it's worth more than a straight up auto company and the market reflects that.
    - vgchh 6y ago
      It’s not a question so much that Tesla and SpaceX are amazing. It’s just that why does EM have to make stock influencing statements like this. It hurts people financially. Just watch out for that.
- xkjkls 6y ago
  Especially after you’ve entered a legal agreement with the SEC to have a general counsel review all your intratrading day tweets that are influential to the stock price
vannevar 6y ago
He may be in a financial bind. It's not inconceivable that he could be shorting Tesla through third parties. The other nonsensical tweets could be camouflage. Or, yeah, maybe he's just a little too high.
ThrowMeAwayOkay 6y ago
Do you think he’s getting dementia? Three decades of no sleep and stress make Jack a dull boy...

30 points by taytus 6y ago

swyx 6y ago

either he's having a nervous breakdown or he knows something we dont...

coldpie 6y ago
It's Musk, he has whiny meltdowns on Twitter all the time. The best thing SpaceX and Tesla could do is rid themselves of him.
- ecoled_ame 6y ago
  what do you tweet to your following? expressing emotion isn’t a “meltdown”.
  - bdcravens 6y ago
    A CEO (and a leader of a country, I should add) have a power with their words that requires them to speak with a different voice. If that's not possible, resigning is an option.
    - ecoled_ame 6y ago
      ppl can do whatever they want on twitter there’s no rulez or consequences. it’s exactly the same as league of legends or banjo kazooie.
      - bdcravens 6y ago
        There's a different between what you can do and what your responsibilities are. As for consequence, there no shortage of examples of consequences, some of which we've seen on HN.
        ecoled_ame 6y ago
        but you’re not “you” on twitter; how could your character have responsibilities? twitter is a video game (think mario, ffvii, etc). why did u put your job title in the description of your twitter profile? r u playing as yourself? kinda boring, u can be anything.
        dagmx 6y ago
        This is a bizarre take. Elon isn't tweeting as an alt. He is tweeting from a verified account linked to his name, which is further considered official messaging of Tesla. Your argument makes no sense here since it doesn't apply at all.
        ecoled_ame 6y ago
        quit making random declarations, calling me bizarre, saying i’m invalid. you’re basically a bully. i’m not constructing an argument, i’m expressing myself. i’m having memetic sex w you. i’m a woman
      - wbronitsky 6y ago
        This thread is just low effort trolling at this point. Maybe that New Yorker article really ruined this forum for good?
        ecoled_ame 6y ago
        are you talking to me or just announcing? i’m not trolling, i’m making a genuine point about twitter and how that game should be played. everyone just clones themselves on there. it makes the game so lame. the attachment of twitter profiles to real personalities makes ppl think users are actually having “meltdowns” when they are just having fun and being creative. trust me i spend a lot of time on twitter. and btw ive used this forum for a long time under different accounts. i’m not some pleb who read a random nyt article and is trying to steal the glory of your rationalist mecca.
        fzzzy 6y ago
        sorry, the sec has rules that prohibit a ceo from writing fanfic about themselves in ways that materially affect the markets.
smt88 6y ago
> he knows something we dont He absolutely knows things we don't, such as today's snapshot of Tesla's financial state, internal projections, negotiations with suppliers, and back-channel info given to him by other powerful people. He was a Trump advisor for a while, so I'm sure he still has connections in federal government from that.
ulfw 6y ago
It's his narcissistic disorder. He can't take that the Coronavirus is front and centre in the news instead of him. He did the same shit when Thai kids got lost in a cave and his highness thought his useless-for-the-purpose invention could free the kids. Yet when a diver criticized him he went on a pedo tirade.

jiveturkey 6y ago

also after the rest of the market tanked ...

bdcravens 6y ago
The market is down about 2.5% today. Bad, but hardly "tanked". (it had fallen less than that at the time of his tweets) TSLA is down almost 9% (was 12% at one point).

deleted 6y ago

[deleted]

0x8BADF00D 6y ago

No, it tanked because we’re in a bear market and there is a massive recession in progress. Who’s gonna buy a Tesla?

danhak 6y ago
The massive plunge in share price coinciding exactly with the timing of the Tweet begs to differ.
- 0x8BADF00D 6y ago
  The auto industry has been imploding in general. You were a fool if you longed TSLA. I didn’t and am very bearish on it.
  - enlyth 6y ago
    Your original comment is incorrect though, it did tank 10% immediately after his tweet, it was literally the catalyst.
    - cvs268 6y ago
      Cue something about correlation vs. causation...
    - 0x8BADF00D 6y ago
      How is it incorrect? Because Axios said so? Keep listening to the media, your portfolio will go down by double.

vgchh 6y ago

Just the other day I was defending EM that he has the freedom to express himself. Today I deplore him for making the tweet that impact the stock price and hence financial well being of shareholders, without sufficient explanation. Why is the stock price too high? Or are you just kidding? How should we be interpreting this riddle?

Udik 6y ago
Maybe I'm naive, but isn't the market cap of Tesla twice that of Volkswagen, a company that sells 10 million vehicles each year? How can the question be "why is the price too high"? I feel like the price of Tesla is as disconnected from any physical reality as that of bitcoin. Pure speculation, in other terms.
- neaden 6y ago
  The point is that the CEO of a company has certain duties, and tweeting like this goes against them. Consider how easy it would be for a CEO to manipulate the stock market with statements like this to enrich themselves or people they've informed. In addition, Elon Musk has been fined by the SEC before for making statements like this.
  - fastball 6y ago
    I don't agree. The duty of a CEO is to be honest.
naveen99 6y ago
He said it was his opinion.
- vgchh 6y ago
  Unfortunately as CEO of a public company, I don’t believe he can make stock moving statements casually, without backing it by information. It can’t be left as an exercise for the reader - if it’s opinion, why does he think so? Or maybe he is j/k. How should we decode this information?

mullingitover 6y ago

I feel like this is the sort of statement that the SEC (not to mention the board) would frown on.

canada_dry 6y ago
> statement that the SEC and the board would frown on True. But, he's not wrong. TSLA has doubled since Jan. yet about the only revenue that's doubled is sales of emissions credits.
- mullingitover 6y ago
  Regardless, I would be livid if I was a Tesla employee, the CEO was seemingly trying to depress the share price, and stock options were part of my comp.
Traster 6y ago
Yes, I look forward to their settlement, I'm sure it'll be something like "We'll frown in your direction if you do this again for the 18th time". Honestly, why are we talking about the SEC as if they have anything to do with anything.
- perl4ever 6y ago
  Well, can't Tesla/Elon be sued by shareholders independently of the SEC?

kumarvvr 6y ago

So, do the buyers and sellers actually know what they are doing? The stock market seems to be running on emotions, more than analysis, which, it always seems to be.

pauldelany 6y ago

Not the only thing too high...

sunstone 6y ago

Calling your stock over valued is not unprecedented. Even Mr. Buffet has done so in the past. What is a little unusual is to announce this in the middle of the trading day.

vgchh 6y ago
Interesting. In case of Buffet, did he provide additional information to back up his claim? I case of EM, I have no idea if he is kidding or serious. This leads to confusion, loss of value - potentially unnecessarily.
- sunstone 6y ago
  To be honest I don't think anyone can value Tesla with any accuracy, not even Musk. The prudent valuation is to value it as a straight up auto company. But then, what about the tera batteries, the solar roofs, the cybertruck (which seems to have caught on beyond anyone's expectation), the self driving software, the industrial batteries, the domestic batteries and the utility batteries? Throw in implied insurance on the downside due to Musk's equity in SpaceX. What does all this speculation add up to? A lot less than you would think if someone else patents a break through battery that can scale. What are the chances? No one has a clue. For sure though, right now, it's worth more than a straight up auto company and the market reflects that.
  - vgchh 6y ago
    It’s not a question so much that Tesla and SpaceX are amazing. It’s just that why does EM have to make stock influencing statements like this. It hurts people financially. Just watch out for that.
xkjkls 6y ago
Especially after you’ve entered a legal agreement with the SEC to have a general counsel review all your intratrading day tweets that are influential to the stock price

vannevar 6y ago

He may be in a financial bind. It's not inconceivable that he could be shorting Tesla through third parties. The other nonsensical tweets could be camouflage. Or, yeah, maybe he's just a little too high.

ThrowMeAwayOkay 6y ago

Do you think he’s getting dementia? Three decades of no sleep and stress make Jack a dull boy...