Elon Musk tweeted Friday that the stock price of Tesla is too high.
Shares fell by around 11 percent. Even after the decline, however, Tesla has a market capitalization of around $130 billion. That is more than twice as much as Ford, GM, and Fiat Chrysler combined.
Some investors initially speculated that Musk’s account could have been hacked but neither Musk nor the company has come forward to deny the tweets. That suggests they are authentic.
The Tesla chief executive is already facing a shareholder lawsuit relating to the firm’s purchase of SolarCity
Musk also tweeted that he is selling his possessions and plans not to own a house. Musk reportedly owns at least six houses in the Los Angeles area and one in northern California.
Musk later tweeted out a call for the coronavirus lockdowns to end. Musk has recently been critical of over-zealous policing of stay-at-home orders and business closures. On Tesla’s earnings call this week he said that the orders are “forcibly imprisoning people in their homes against all their constitutional rights.”
Which he followed up with tweets of the lyrics to “The Star-Spangled Banner.”