Elon Musk tweets the stock price of Tesla is ‘too high’

Tesla CEO Elon Musk is at it again. In a tweet on Friday, Musk tweeted that the company’s shares are priced “too high.” Tesla stock was trading at $760.23 just before Musk tweeted. The stock fell more than $40 to a session low of $717.64, before falling even more.

This is not the first time Musk talked about his company on social media. In September 2018, Musk was sued by the U.S. Securities and Exchange Commission for a tweet claiming that funding had been secured for potentially taking Tesla private.

Two days later, Musk reached a settlement with the SEC, without admitting or denying the SEC’s allegations. As a result, Musk and Tesla were fined $20 million each, and Musk was forced to step down temporarily as Tesla chairman, while remaining Tesla’s CEO.

Also in August 2018, Musk has faced problems from the Security and Exchange Commission (SEC) for tweeting about the company’s stock and agreed to submit public statements for vetting. Musk also said he was “selling almost all physical possessions” and to give people back their freedom, presumably referring to shelter-in-place orders.

Tesla stock price is too high imo

— Elon Musk (@elonmusk) May 1, 2020