Elon Musk Says Tesla Share Price Is Too High
Tesla’s chief executive, Elon Musk, said on Twitter on Friday that the company’s stock price, which had been surging in recent weeks, was “too high” in his opinion. The stock fell sharply after the post, and closed 10.3 percent down.
Always volatile, the price of the company’s shares had been rising steadily since mid-March in part because investors believe Tesla is poised to lead a transition to electric cars. The shares are worth more than the combined value of General Motors, Ford Motor and Fiat Chrysler, which make millions of cars a year, compared with the hundreds of thousands that Tesla produces.
This week, Tesla announced that it had earned a small profit for the third straight quarter. The company, founded in 2003, has never been profitable over a full year.
Mr. Musk’s comment, delivered amid a stream of unusual posts, might strike some as odd considering he has long railed against short sellers who have targeted Tesla’s stock because they believe it is overvalued.
Recently, he has also fumed over government efforts to contain the spread of the coronavirus. During the company’s conference call with analysts this week to discuss its first-quarter results, Mr. Musk, who has attracted devoted fans and critics, lashed out at stay-at-home orders that have closed Tesla’s Fremont, Calif., car factory, calling them “fascist.”
“They’re breaking people’s freedoms in ways that are wrong and are not why people came here or built this country,” he said on the call, adding an expletive.
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