Here’s a lesson about what not to do as CEO: Trash your own stock.
TSLA… which was headed into $300-$320 territory… just hit an iron wall.
Unbelievably, Elon Musk came out with the following statement last night:
“I think our stock price is kind of high right now,” Musk said Thursday, responding to a question from CNBC at the news conference in Carson City. “If you care about the long term, Tesla, I think the stock is a good price. If you look at the short term, it is less clear.”
Stock price goes up and down by itself… it’s never, never, never a good idea to actually open your mouth about stock price, though… as TSLA is learning this morning with it sharply falling.
Wonder how all those folks that put their butts’ on the line to support Musk’s vision feel now?
Employees dreaming of buying cars & houses with well-earned stock appreciation? Seems like there might be some morale issues around the ‘ole water-cooler this morning.
How about analysts like Stifel Nicolaus’ James Albertine, who recently gave TSLA a full vote of confidence with a $400 price target?
Elon, the proper answer to the question of whether your shares are overpriced is: “It certainly reflects the enthusiasm that investors — and our customers — have for our products.”
What a terrible thing to do to shareholders.