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Tesla shares drop after CEO Elon Musk tweets ‘stock price is too high’

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Tesla shares took a dive after Elon Musk unleashed a bizarre Twitter rant on Friday morning, saying that the electric-car company’s “stock price is too high.”

“Tesla stock price is too high imo,” Tesla’s billionaire boss tweeted at 11:11 a.m. ET, sending shares in the Silicon Valley-based company, which were hovering slightly ahead of their opening price just before the tweets, down as much as 13 percent.

Just one minute earlier, Musk had tweeted, “I am selling almost all physical possessions. Will own no house.”

Tesla shares, which got a boost earlier this week when the company reported its third straight quarterly profit, were recently off nearly 12 percent at $690.

Musk, who has gotten into hot water with the feds before over stock-moving tweets, continued with what looked like his recent complaints about the coronavirus lockdown, which has lately forced Tesla’s factory in Fremont, Calif., to shut down.

“Now give people back their FREEDOM,” Musk tweeted a few minutes later, proceeding to quote lyrics from the national anthem in random order.

“O’er the land of the free and the home of the brave?” Musk wrote, then tweeting a minute later, “Oh, say does that star-spangled banner yet wave… and the rocket’s red glare, the bombs bursting in air.”

Musk in recent days has railed against the nationwide coronavirus lockdown, calling it “fascist” in a profanity-laced rant during the company’s quarterly earnings call earlier this week.


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