Tesla Stock Plunges, Wiping Out Tweet-Fueled Rally in Just Two Days

Credit: Ian Maddox

 

Yeah, tweets aren’t such a good fuel source. Plus they tend to attract the attention of the Securities and Exchange Commission.

Tesla is a company built fundamentally on cronyism. Teslas run on taxpayer dollars at least as much as they run on plug in electricity.

Musk seems a man flailing at this moment. The visionary, the crony visionary, seems caught in a negative spiral. Will his company’s stock follow?

(From Bloomberg)

Doubts have mounted about Musk’s ability to take the electric-car maker off the market, sending the stock tumbling much as 4.6 percent to $353.33 in Thursday afternoon trading, well off the $420 at which Musk said shareholders would be bought out. The shares have dropped on back-to-back days after having jumped 11 percent on Tuesday, when Musk vowed that he had “funding secured” at a spectacular $82 billion valuation.

I hope for Musk’s sake he’s got something tangible in his pocket. Otherwise he could be in a bit of trouble.

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