Elon Musk took to Twitter on Monday to clarify comments that appeared to talk down Tesla’s share price.
The Tweet was a clarification of earlier comments made at the National Governors Association summer meeting over the weekend.
“I’ve gone on record several times saying our stock price is higher than we have any right to deserve,” Musk said at the conference, according to video from CNBC.
Shares of Tesla sank following the comments. Tesla also had to contend with reports that a Tesla had crashed over the weekend while its Autopilot system was engaged. The driver of the Tesla involved in the crash on Monday denied that the vehicle’s Autopilot system led to the incident.
Musk clarified on Twitter that Tesla’s stock is priced high based on the past and the present, but not if you believe in the company’s future. Musk has pitched a vision for Tesla where it owns the solar panels that charge a fleet of autonomously driving Teslas that come and pick you up at the touch of a button.
Investors regularly price in their expectations for the future of a stock. After it was announced that Tesla expects to be producing 20,000 of its new Model 3 a month by the end of the year, shares popped. Shares also rose on news of an expanded service fleet, and huge battery installation in South Australia.
Shares of Tesla have grown 48.82% this year.
I should clarify: Tesla stock is obviously high based on past & present, but low if you believe in Tesla’s future. Place bets accordingly … https://t.co/4zbc6vqZSZ
— Elon Musk (@elonmusk) July 17, 2017
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