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Tesla CEO Elon Musk says stock price is ‘too high,’ price falls 10%

Tesla CEO Elon Musk says stock price is ‘too high,’ price falls 10%

Tesla CEO Elon Musk

Weird, but OK.

Diego Donamaria/Getty Images

Tesla stock spiked in recent days on good news surrounding a first quarter profit despite the coronavirus pandemic, but on Friday, the carmaker’s stock opened lower. At 8:11 a.m. PT, CEO Elon Musk made a bizarre declaration.

“Tesla stock is too high” in my opinion, the CEO tweeted. At the time of this writing, Tesla stock is down 10%. It was down as much as 12%.

The comment comes after numerous media outlets reported on the first phase of a stock package Musk is incredibly close to achieving. Tesla needs to hold a $100 billion value for one-month and six-month averages. The company completed the first goal, along with other operational targets, under Musk’s leadership, and it’s close to nabbing the six-month average, too. Earlier this week, Tesla’s six-month value average was $96 billion.

The six-month average will trigger an option for Musk to purchase 1.69 million shares of the carmaker at $350.02 per share. Musk can then sell the shares for the current price, which is double that. If Tesla achieved the goal today, the CEO would make almost $600 million. The figure will fluctuate based on the price Musk actually sells the shares at.

Preceding his odd tweet, Musk also said Friday he’s “selling all physical possessions” and “will own no house.” He closed this stream of tweets demanding the people get “back their freedom,” another jab at various stay-at-home orders enacted across the US due to the coronavirus pandemic. The CEO previously called them “fascist” during the company’s Q1 investor call.

Tesla did not immediately respond to a request for comment.

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