May 1, 2020 - Economy

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

Elon Musk.

Tesla CEO Elon Musk. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

Tesla's share price dropped at least 12% Friday after CEO Elon Musk tweeted the price was "too high."

By the numbers: The stock was trading at 760.23 just before Musk's tweet, per CNBC. It plunged to 717.64 and continued to drop.

The tweet was part of a series of posts that included Musk saying he was "selling almost all physical possessions."

The big picture: Tesla posted profits for the third quarter in a row on Wednesday, but said the coronavirus pandemic was likely to disrupt its operations.

  • On an earnings call that day, Musk called stay-at-home orders, which were implemented in response to the coronavirus pandemic, "fascist" and "an outrage."
Go deeper