Elon Musk tweeted on Friday that Tesla's stock price is too high. The agreement followed from one of Musk's most infamous tweets in August 2018 claiming he wanted to take Tesla private at $420 per share and that he had secured the funding to do so. It was unclear Friday whether such controls have been in place, and Tesla did not immediately respond to a request for comment. As part of the settlement, Musk agreed that all his public statements that could move Tesla's stock price - including tweets - would be pre-approved by a company lawyer. Today, The Wall Street Journal reached out to Musk to ask if he was joking or if he had his tweet vetted.
Last month, a federal judge said Tesla and Musk must face a lawsuit by shareholders over the going-private tweet, including a claim that Musk meant to defraud them.
As Ars Technica points out, before Musk sent that tweet, Tesla stock was around $760 (£607) a share, but 20 minutes later it dropped to $722 (£577), or five per cent lower.
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Tesla shares have surged in recent weeks, but are down since Wednesday when the company reported an unexpected quarterly profit, despite manufacturing interruptions caused by the coronavirus pandemic. First of all, the tweet simply states Musk's personal opinion about the stock price rather than anything concrete.
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California's lockdown has forced Tesla to close its plant in the city of Fremont.
While the source of the tweets has not been thoroughly reviewed, Musk has always been a polarizing figure and has had issues with the SEC in the past for tweeting about the company's stock.