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Summary
- Tesla CEO had been active on twitter with his witty comments on Reddit-led stocks.
- Announces temporary recluse from social media but did not reveal why.
- Prices of Tesla stocks were up 3.8 percent at $876 per share on Tuesday.
Tesla CEO Elon Musk’s decision to keep off Twitter for a while has generated quite a bit of interest among his avowed followers on social media on Tuesday.
The Tesla CEO has been active on Twitter recently with his animated comments on a variety of topics. His recent remarks on stock market developments like the Reddit gambit, GameStop surge, and cryptocurrencies have kept his followers engaged.
He had also run into a problem with the Securities and Exchange Commission after he tweeted about a plan to take the company private in 2018, and that Tesla would deliver 500,000 vehicles in 2019.
The company, however, did fulfill some part of it. Tesla increased the volume of cars by 50 percent to around 370,000 vehicles in 2019 and managed to deliver most of the orders it had promised in 2020. But Musk had to pay cash penalties and step down as the company’s chairman after the controversy.
Although the Tesla CEO hasn’t revealed the reason for his temporary recluse from twitter, his 45 million followers would surely want to know. He had announced it early Tuesday, eastern time.
Musk had been tweeting on the recent stock market rallies. He had tweeted the word “Gamestonk” after GameStop stocks had surged by over 300 percent in January. ‘Stonk’ is slang for stock, which is used when there is a rapid rise or fall of a particular share.
He had also commented about the Reddit forum WallStreetBets, which has been blamed for the market volatility seen in late January. GameStop stocks had surged to $325 a share on January 31.
But its prices have since been slightly stabilized after several brokerages had temporarily suspended trading in the stocks to curb volatility. At noon on Tuesday, its stocks were trading at around $130 per share, down by 42 percent.
Musk had also posted a funny picture of a dog, named Dogue, on a fake magazine cover to imply the recent fall of the cryptocurrency, Dodge, whose value had dropped from five cents to three cents.
On Tuesday, Tesla stocks were priced at around $876 a share, up by 3.8 percent, from the previous day’s close.
