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CNBC reported that Tesla CEO Elon Musk last week posted a tweet saying “I see there is> 0% chance that Tesla will become the largest company in the world”. This means that Musk is confident that Tesla will overtake Apple and Aramco – the two largest companies in the world right now. (Tesla’s market cap is currently $ 593.8 billion. Apple is worth $ 2.03 trillion and Saudi Aramco is $ 1.85 trillion.)
On the second tweet, Musk gave instructions on how long it will take Tesla capitalization to hit that milestone: “Probably within a few months,” Musk wrote.
However, the tweet didn’t last long, and Musk quickly deleted it. However, many people quickly captured the screen of the tweet content.
The reason Musk hastily deleted the above tweet may have to do with his previous slap on the stock market. Accordingly, in 2018, Musk tweeted that he would turn Tesla into a private company by buying back all the shares for $ 420 per share. This caused the company’s stock price to fluctuate strongly.
With this action, the Securities and Exchange Commission (SEC) fined Elon Musk and Tesla each side 20 million USD for spreading news affecting the market. At the same time, the head of Tesla is prohibited from making similar statements and needs to be approved by the board of companies.
By 2019, Musk will continue to be “groped” by the SEC when he violated the agreement and tweeted about Tesla’s production output. The agency said that was a violation of terms Musk had pledged to the SEC.
Under the terms of the revised settlement agreement, Tesla is obligated to approve all written communications, including tweets and other social media posts Musk intends to share containing. Important information about the company. Tesla has never publicly identified the person in the role mentioned above and only disclosed it as Musk’s “twitter custodian”.
More recently, a Tesla shareholder named Chase Gharrity filed a lawsuit with the Delaware Chancery Court over Musk’s continued use of Twitter, costing shareholders billions of dollars. For example, Musk tweeted in May 2020 that “Tesla’s share price is too high”. Tesla shares fell 10% thereafter, blowing $ 13 billion out of the company’s market capitalization.
Musk also commented on the prices of cryptocurrencies, including bitcoin, via tweets from a personal account that currently has 49.7 million followers.
On March 25, the National Bureau of Industrial Relations (NLRB) instructed Tesla to ask Musk to remove the tweet from 2018, which allegedly contained employee threats. The NLRB confirmed that this statement violates the US labor law. In addition, the Commission asked Tesla to re-recruit Richard Ortiz, the employee who was illegally fired at the time. The world’s largest electric car company must also compensate Ortiz for loss of income and taxes.
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