Tesla Inc. stocks dropped on Monday after co-founder Elon Musk tweeted about being “bankrupt” on April Fools’ Day, according to the Los Angeles Times.
The shares dropped by 7 percent before they bounced back a bit Monday morning and closed just down 5 percent at $252.48. In all, the shares have dropped by 35 percent from last year amid an investigation into a fatal crash of a Model X SUV and a recall of all Model S sedans built before 2016.
The company also is expected to miss its first quarter production goals of producing 2,500 Model 3 cars a week by the end of this month.
All of this bad news, plus Musk’s tweets on Sunday joking about the company being bankrupt clearly did not improve things.
“Important news in a few hours …,” Musk tweeted.
Important news in a few hours …
— Elon Musk (@elonmusk) April 1, 2018
“Tesla Goes Bankrupt
Palo Alto, California, April 1, 2018 — Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can’t believe it,” he added.
There are many chapters of bankruptcy and, as critics so rightly pointed out, Tesla has them *all*, including Chapter 14 and a half (the worst one).
— Elon Musk (@elonmusk) April 1, 2018
“Elon was found passed out against a Tesla Model 3, surrounded by ‘Teslaquilla’ bottles, the tracks of dried tears still visible on his cheeks. This is not a forward-looking statement, because, obviously, what’s the point. Happy New Month,” he continued, as he posted a picture of him holding up a cardboard sign that read, “Bankwupt.”
Elon was found passed out against a Tesla Model 3, surrounded by “Teslaquilla” bottles, the tracks of dried tears still visible on his cheeks.
This is not a forward-looking statement, because, obviously, what’s the point?
Happy New Month! pic.twitter.com/YcouvFz6Y1
— Elon Musk (@elonmusk) April 1, 2018