Elon Musk has made a controversial tweet and due to that reason he may lose his job as Tesla CEO.
Tesla is the world’s largest electric vehicle manufacturer company.
It is believed that the car maker’s board and US Securities and Exchange Commission must have taken into account Musk’s strange tweet on Friday that left Tesla’s market value go down by $14 billion in a matter of a few hours. Tesla shares dropped as much as 12% Friday before closing down 10.3% after post Musk’s tweet.
In a controversial tweet on Friday, Elon Musk wrote, “”Tesla stock price is too high imo (in my opinion)”.
Loss to Tesla’s market valuation
Tesla’s market valuation decreased to $127 billion that was worth around $141 billion before the tweet.
The tweet also knocked $3 billion off Musk’s own stake in Tesla.
One of the twitter users asked him: “Are you doing it because you need the cash or is this to protest the world burning down?”
Elon Musk replied, “ “Don’t need the cash. Devoting myself to Mars and Earth. Possession just weigh you down”.
Tweet faced criticism
Many users on social media criticized Elon Musk for his tweet. One user tweeted, “This is insanely irresponsible. Take your meds…”
A second user wrote,”Are you high? The hell is happening with you recently”
Thir user wrote,”Dude….I just lost $10k beacuse of this tweet. Wtf is wrong with u”
What is the law?
The law requires Musk to obtain pre-approval if his tweet contains anything about the company’s securities, including his acquisition or disposition of shares, unlawful or regulatory findings or decisions.