Investors shouldn't pay attention to my tweets - Elon Musk outshared - africantrendtv

 

Elon Musk believes investors should pay less attention to his tweets

 

•Elon Musk told Time that he doesn't think his tweet will have much of an impact on the market.

•"Markets run on their own all the time, based on nothing as far as I know," said Elon Musk.

•But there have been instances of Tesla's stock rising or falling right after Elon Musk's tweet.


Elon Musk, the tech giant, once said timely on his profile that he believes businesses and employees can follow his tweets, but that they can be trusted and followed completely.


In an interview with Molly Ball of Time, Jeffrey Kluger, and Alejandro de la Garza posted on Monday, Musk talked about his Twitter habit, a hobby that easily made him the world's most famous CEO and perhaps the most popular and criticized. .


But it's also a habit that got him in hot water with the US government: In 2018, Musk faced the ire of the Securities and Exchange Commission over a tweet claiming to have "secured funds" to Tesla for private take at $420 per share. . Price is a drug reference and prank to impress his girlfriend Grimes. The tweet skyrocketed Tesla's share price by 14%.


The SEC filed a lawsuit against Musk, accusing him of "false and misleading statements", and Musk and Tesla later agreed to pay $20 million in cash without pleading guilty. Musk has also stepped down as chairman of Tesla's board of directors, and Tesla must appoint a new committee to oversee Musk's communications.


But Musk told Time he didn't think he was responsible for what happened after the tweet.


"The market moves all the time based on what I know," Musk told Time. "So does my statement differ significantly from the random stock movement that could happen?" I don't think so."


But there have been several examples of Tesla stock moving after Musk's tweet. Tesla shares fell last month after Musk tweeted that the company had yet to sign a deal with Hertz, even though the car rental company announced it had ordered 100,000 Tesla Model 3 sedans, its biggest electric vehicle purchase.


Also last month, Tesla fell 7% after Musk asked his Twitter followers to sell 10% of his stake to Tesla. 3.5 million people took the survey within 24 hours.


And when Musk tweeted in May 2020 that he thought Tesla's stock price was "too high," the automaker's stock fell about 9%.


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