Tesla Stock Falls After CEO Tweets Stock is "Too High"

By Allison Prang

Shares of Tesla Inc. were down 9.2% late Friday morning after Chief Executive Elon Musk tweeted he felt the company's share price was "too high."

"Tesla stock price is too high imo," the CEO tweeted after 11 a.m. Friday. "IMO" is internet slang for "in my opinion."

Shares of Tesla closed Thursday at $781.88 a share. As of midday Friday, they have risen 48% over the last month and have climbed 70% year to date.

Mr. Musk has been candid about his company on Twitter before. In the past, he got into trouble with the Securities and Exchange Commission for tweeting about a buyout of Tesla.

Tesla recently reported a profit for the third quarter in a row. The unexpected profit was fueled by the sale of regulatory credits and strong demand for its Model 3 compact car.

Write to Allison Prang at allison.prang@wsj.com<mailto:allison.prang@wsj.com>

(END) Dow Jones Newswires

May 01, 2020 12:12 ET (16:12 GMT)

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