- Tesla CEO Elon Musk has taken to Twitter many times overthe years to tweet about the company, the stock market, andmore.
- Some of his tweets have generated confusion, sentTesla’s stock price swinging, and come under fire from theSecurities and Exchange Commission.
- Here are some of Musk’s most controversial tweets aboutTesla, its stock price, and the market.
- WatchTesla trade live on Markets Insider.
- Read more onBusiness Insider.
Elon Musk’s Twitter account has often drawn quick reactions frominvestors over the years. The entrepreneur, who is the CEO ofTesla, has often taken to the social media platform todiscuss his companies, his thoughts about current events, andmore.
His tweets range from confusing to funny to sometimes bizarre andspan a wide array of topics. In recent years, his social mediacomments about Tesla have landed him in hot water with theSecurities and Exchange Commission, beginning with the infamous”funding secured” tweet.
But even a lawsuit and settlement haven’t stopped Musk fromtweeting about Tesla, the SEC, or his thoughts about thecoronavirus pandemic. He even recently weighed in on rapperKanye West’s announcement that he will run for president of theUnited States in 2020, telling West “you have my full support.”
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This year, Musk’s tweets come in the midst of a searing rally forTesla shares, which in early July were up more than 200%year-to-date. While Tesla was not immune to the coronaviruspandemic market meltdown in March, it quickly recovered itslosses and surged higher on positive vehicle delivery numbers.
Here are Musk’s most controversial tweets about Tesla, its stockprice, and the stock market.
1. July 2020 – Who wears short shorts?
Musk took to Twitter before the Fourth of July holiday to mockthe Securities and Exchange Commission and short-sellers with apair of silky red shorts that went up for sale on Tesla’swebsite.
“Tesla will make fabulous short shorts in radiant red satin withgold trim,” Musk tweeted,adding, “Will send some to the Shortseller Enrichment Commissionto comfort them through these difficult times.”
The same day, he tweeted another jab at the SEC- “SEC, three letter acronym, middle word is Elon’s.”
2. June 2020 – “Lol”
Musk tweeted “lol” on June 11, drawing some confusion fromfollowers wondering what he was referring to. He later clarifiedthat his tweet was indeed about the stock market, or as he said,”stonks.”
3. May 2020 – Tesla stock is “too high”
In a tweet May 1, Musk called out Tesla’s stock price itself.
“Tesla stock price is too high imo,” Musk tweeted. He also tweeted that hewould sell “almost all physical possessions” and own no house.
Shares of Tesla sank as much as 13% in one day following the tweet.
4. March 2020 – “The coronavirus pandemic is dumb”
Musk has been very outspoken about the coronavirus pandemic andshelter-in-place orders, as Tesla factories were impacted byorders in the US and China that shuttered non-essentialbusinesses to curb the spread of COVID-19.
He even voiced his discontent for the crisis amid a major marketmeltdown that ended the longest-ever bull market in history.
In March, he tweeted”the coronavirus panic is dumb,” in the midst of a market routthat bottomed out on March 23.
Since, US stocks have largely recovered from March lows, andTesla’s stock price has also continued to surge higher.
5. February 2019 – Tesla will make 500,000 cars
Musk’s brush with the SEC escalated when he tweeted in February 2019 that Tesla would make 500,000 carsthat year.
“Tesla made 0 cars in 2011, but will make around 500k in 2019,”he tweeted.
He returned to Twitter later that day to clarify his earliertweet. “Meant to say annualized production rate at end of 2019probably around 500k, ie 10k cars/week,” he said. “Deliveries foryear still estimated to be about 400k.”
Shortly after, the SEC said that Musk had misled investors withthe tweets and violated the terms of their settlement. The twoparties eventually reached a new agreement that clarified from the original order whatMusk couldn’t communicate without getting approval.
6. October 2018 – “Shortseller Enrichment Commission”
Musk didn’t back down from the SEC even after being fined $20 million for his tweets. In October2018, he mocked the Securities and Exchange Commission, callingit the “Shortseller Enrichment Commission” in atweet.
“Just want to that the Shortseller Enrichment Commission is doingincredible work. And the name change is so on point!” said Musk.
7. August 2018 – “Funding secured”
Susan Walsh/Associated Press
The tweet that started it all. On August 7, 2018, Musk tweetedthat he was considering taking Tesla private at $420 per share,and that he had “funding secured” for it.
In the days and weeks after, it became more clear that Musk didnot actually have funding secured to take Tesla private, sendingshares lower and stoking investor pessimism.
The SEC began looking into the tweet in August and in September2018 officially filed a lawsuit accusing Musk of making “false andmisleading statements” in the August 7 tweet.
Musk and the SEC settled less than two days later in a deal where Tesla andMusk each paid $20 million. Musk also stepped down as chairman ofTesla’s board, and agreed to have some tweets about Teslaapproved before sending.
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