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.

Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Meadows confirms Trump's tweets "declassifying" Russia documents were false

Photo: Tom Williams-Pool/Getty Images

White House Chief of Staff Mark Meadows confirmed in court on Tuesday that President Trump's tweets authorizing the disclosure of documents related to the Russia investigation and Hillary Clinton's emails "were not self-executing declassification orders," after a federal judge demanded that Trump be asked about his intentions.

Why it matters: BuzzFeed News reporter Jason Leopold cited the tweets in an emergency motion seeking to gain access to special counsel Robert Mueller's unredacted report as part of a Freedom of Information Act request. This is the first time Trump himself has indicated, according to Meadows, that his tweets are not official directives.

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