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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

Jul 26, 2020 - Politics & Policy

Tesla's election-year gift to Texas

Illustration: Sarah Grillo/Axios

Tesla's decision to build a $1 billion factory in Texas is a good bit of economic news for a state that's suffering in the throes of the pandemic.

Why it matters: The creation of 5,000 new manufacturing jobs near Austin comes as the state's ongoing coronavirus outbreak threatens to overwhelm hospital systems and tears at the economy.

1 hour ago - Health

CDC says some immunocompromised people can get fourth COVID shot

Photo: Noriko Hayashi/Bloomberg via Getty Images

The Centers for Disease Control and Prevention said in updated guidelines Tuesday that some immunocompromised people who have received either Pfizer or Moderna's COVID-19 vaccines will be able to get a fourth shot.

Details: People over 18 who are "moderately to severely immunocompromised" and have received three doses of an mRNA vaccine may get a fourth shot (of either the Pfizer, Moderna, or Johnson & Johnson vaccines) at least six months after getting their third Pfizer or Moderna dose, per the CDC.

2 hours ago - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A pricetag of $500-$555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

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