uniladtech homepage
  • News
    • Tech News
    • AI
  • Gadgets
    • Apple
    • iPhone
  • Gaming
    • Playstation
    • Xbox
  • Science
    • News
    • Space
  • Streaming
    • Netflix
  • Vehicles
    • Car News
  • Social Media
    • WhatsApp
    • YouTube
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
TikTok
Snapchat
WhatsApp
Submit Your Content
Elon Musk wiped $14,000,000,000 off Tesla's value with this seven word tweet

Home> Vehicles

Published 10:14 23 Sep 2024 GMT+1

Elon Musk wiped $14,000,000,000 off Tesla's value with this seven word tweet

The Tesla CEO had previously been warned against making 'market-altering statements'

Bec Oakes

Bec Oakes

google discoverFollow us on Google Discover

Since Elon Musk joined Telsa as its largest shareholder in 2004 and later became chief executive officer in 2008, the automotive company has skyrocketed in value.

Today, the company behind the infamous Cybertruck is worth $746.55 billion on the stock market.

But Musk once issued a seven-word complaint on Twitter that knocked a jaw-dropping $14 billion off its value.

Advert

With a net worth of $257.3 billion, Elon Musk is the richest person in the world, but his rise to success hasn't come without its controversies.

In 2018, he made an incorrect claim that he was close to a buyout of Tesla, leading to a complaint from the US Department of Justice.

In a settlement, the billionaire had to agree not to issue market-moving statements in the future without clearing them with the company's legal department.

The pre-approval was related to communications 'made in any format, including, but not limited to, posts on social media (eg Twitter).'

Two years later, the SpaceX founder ran into trouble again after complaining about Tesla's stock price on Twitter, now known as X.

"Tesla stock price too high imo," he typed to his 33 million followers at the time.

Elon Musk became CEO of Tesla in 2008 (Marc Piasecki/Contributor/Getty Images)
Elon Musk became CEO of Tesla in 2008 (Marc Piasecki/Contributor/Getty Images)

The candid outburst reportedly caused Tesla share prices to dramatically sink.

At the time, CNBC reported that Tesla shares dropped as much as 12 percent before closing down to 10.3 after the tweet.

Meanwhile the BBC reported that a whopping $14bn had been knocked off the carmaker’s value, also wiping $3bn off Musk’s own stake in Tesla.

Musk later admitted to the Wall Street Journal that his damaging post had not been looked over by the company before he posted it.

Following the message, Daniel Ives, an analyst at Wedbush Securities told Reuters: "We view these Musk comments as tongue in cheek and it's Elon being Elon.

"It's certainly a headache for investors for him to venture into this area as his tweeting remains a hot button issue and [Wall] Street clearly is frustrated."

A seven-word tweet from the 53-year-old caused the company's value to plummet by $14 billion in 2020 (Matt Cardy/Contributor/Getty Images)
A seven-word tweet from the 53-year-old caused the company's value to plummet by $14 billion in 2020 (Matt Cardy/Contributor/Getty Images)

But, that was certainly not the end of Musk's problematic behavior online.

Earlier this month, Taylor Swift publicly endorsed Democratic candidate Kamala Harris, and her running mate Tim Walz, for the upcoming presidential election.

The 'Cruel Summer' singer explained that she felt the need to share her voting intentions publicly after an AI-generated image of her seemingly supporting Trump was shared online.

Musk weighed in with a bizarre X post, writing: "Fine Taylor … you win … I will give you a child and guard your cats with my life."

The post received a lot of backlash, with people calling his comment 'weird' and 'bizarre.'

Even Musk's own daughter Vivian Jenna Wilson weighed in, calling it 'heinous incel nonsense.

Featured Image Credit: Marc Piasecki / Contributor / Matt Cardy / Contributor / Getty
Elon Musk
Tesla
Money
Twitter

Advert

Advert

Advert

Choose your content:

5 days ago
6 days ago
10 days ago
  • Witthaya Prasongsin/Getty Images
    5 days ago

    Passengers met with emergency services as vape causes fire during plane's descent

    Smoke could be seen coming from the vape

    Vehicles
  • Newsday LLC / Contributor / Getty
    5 days ago

    Elon Musk's Tesla set to supply electricity to UK households in major expansion

    The world's richest man is powering up a whole new venture

    Vehicles
  • Reginald Mathalone/NurPhoto via Getty Images
    6 days ago

    Elon Musk's Tesla sued by woman after her Cybertruck almost drove her off a bridge 'without warning'

    A Cybertruck owner is seeking $1 million in damages from Tesla

    Vehicles
  • DaveAlan/Getty Images
    10 days ago

    5-year-old Colorado boy given prize of a lifetime after spotting mistake in Southwest Airlines manual

    William noticed a small detail on the manual when looking at the cockpit layouts

    Vehicles
  • This tweet might've just cost Elon Musk $1,000,000,000 as landmark trial goes to jury
  • Man with world’s highest IQ calls out Elon Musk with blunt five word statement on Jesus
  • Elon Musk gives six-word update on terrifying 'real-life Jurassic Park'
  • Elon Musk reveals exactly what he plans to do with any money he receives from OpenAI case