Tesla's recent rally has pushed the stock up more than 200% this year. Here are CEO Elon Musk's most controversial tweets about the market.
- Tesla CEO Elon Musk has taken to Twitter many times over the years to tweet about the company, the stock market, and more.
- Some of his tweets have generated confusion, sent Tesla's stock price swinging, and come under fire from the Securities and Exchange Commission.
- Here are some of Musk's most controversial tweets about Tesla, its stock price, and the market.
- Watch Tesla trade live on Markets Insider.
- Read more on Business Insider.
Elon Musk's Twitter account has often drawn quick reactions from investors over the years. The entrepreneur, who is the CEO of Tesla, has often taken to the social media platform to discuss his companies, his thoughts about current events, and more.
His tweets range from confusing to funny to sometimes bizarre and span a wide array of topics. In recent years, his social media comments about Tesla have landed him in hot water with the Securities and Exchange Commission, beginning with the infamous "funding secured" tweet.
But even a lawsuit and settlement haven't stopped Musk from tweeting about Tesla, the SEC, or his thoughts about the coronavirus pandemic. He even recently weighed in on rapper Kanye West's announcement that he will run for president of the United States in 2020, telling West "you have my full support."
This year, Musk's tweets come in the midst of a searing rally for Tesla shares, which in early July were up more than 200% year-to-date. While Tesla was not immune to the coronavirus pandemic market meltdown in March, it quickly recovered its losses and surged higher on positive vehicle delivery numbers.
Here are Musk's most controversial tweets about Tesla, its stock price, and the stock market.
1. July 2020 - Who wears short shorts?
Musk took to Twitter before the Fourth of July holiday to mock the Securities and Exchange Commission and short-sellers with a pair of silky red shorts that went up for sale on Tesla's website.
"Tesla will make fabulous short shorts in radiant red satin with gold trim," Musk tweeted, adding, "Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times."
The same day, he tweeted another jab at the SEC — "SEC, three letter acronym, middle word is Elon's."
2. June 2020 - "Lol"
Musk tweeted "lol" on June 11, drawing some confusion from followers wondering what he was referring to. He later clarified that his tweet was indeed about the stock market, or as he said, "stonks."
3. May 2020 - Tesla stock is "too high"
In a tweet May 1, Musk called out Tesla's stock price itself.
"Tesla stock price is too high imo," Musk tweeted. He also tweeted that he would sell "almost all physical possessions" and own no house.
Shares of Tesla sank as much as 13% in one day following the tweet.
4. March 2020 - "The coronavirus pandemic is dumb"
Musk has been very outspoken about the coronavirus pandemic and shelter-in-place orders, as Tesla factories were impacted by orders in the US and China that shuttered non-essential businesses to curb the spread of COVID-19.
He even voiced his discontent for the crisis amid a major market meltdown that ended the longest-ever bull market in history.
In March, he tweeted "the coronavirus panic is dumb," in the midst of a market rout that bottomed out on March 23.
Since, US stocks have largely recovered from March lows, and Tesla's stock price has also continued to surge higher.
5. February 2019 - Tesla will make 500,000 cars
Musk's brush with the SEC escalated when he tweeted in February 2019 that Tesla would make 500,000 cars that year.
"Tesla made 0 cars in 2011, but will make around 500k in 2019," he tweeted.
He returned to Twitter later that day to clarify his earlier tweet. "Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week," he said. "Deliveries for year still estimated to be about 400k."
Shortly after, the SEC said that Musk had misled investors with the tweets and violated the terms of their settlement. The two parties eventually reached a new agreement that clarified from the original order what Musk couldn't communicate without getting approval.
6. October 2018 - "Shortseller Enrichment Commission"
Musk didn't back down from the SEC even after being fined $20 million for his tweets. In October 2018, he mocked the Securities and Exchange Commission, calling it the "Shortseller Enrichment Commission" in a tweet.
"Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!" said Musk.
7. August 2018 - "Funding secured"
The tweet that started it all. On August 7, 2018, Musk tweeted that he was considering taking Tesla private at $420 per share, and that he had "funding secured" for it.
In the days and weeks after, it became more clear that Musk did not actually have funding secured to take Tesla private, sending shares lower and stoking investor pessimism.
The SEC began looking into the tweet in August and in September 2018 officially filed a lawsuit accusing Musk of making "false and misleading statements" in the August 7 tweet.
Musk and the SEC settled less than two days later in a deal where Tesla and Musk each paid $20 million. Musk also stepped down as chairman of Tesla's board, and agreed to have some tweets about Tesla approved before sending.
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