128 ETFs have Tesla in them and 55 have it as a top 15% position. Those ETFs likely have rules based on the sort of drop we saw today.
It’s easy to speak personally about not being an active trader but a careless tweets like this have consequences and can hurt people. The only argument to be made is that Elon doesn’t understand the effects of a tweet like this but I think we all know he’s a pretty smart guy.
* General counsel quit
* Board no longer has insurance, Musk is "insuring" with . . . Tesla shares
* The Q1 financials are extremely suspicious
* Musk's meltdown during the ER call
* Musk's actions in the NASA conference
* Musk's meltdown on Twitter
* Musk's meltdown basically guaranteeing another SEC investigation
As a professional, you really have to check if it's in your client's best interests to continue to be exposed to this.
Sometimes I wonder if this is just an attention-seeking thing. People feel lonely, and then they say dramatic things to get attention. "Tesla is overvalued" -> stock tanks -> "hey people notice that I exist".
I have a lot of friends that I met playing games and this is a super common tactic. Instead of messaging me with "hey, want to play?" I get "i'm thinking about killing myself". The end result is the same, we play the game. I personally find it more enjoyable to play as a fun way to kill some free time, but they must get better results when their friends think they're distracting them from a suicide attempt. So they use what works.
I have to think that Elon Musk is up to something similar. I wonder if he has a therapist. It could help.
Or maybe he wants to sell the company and thinks it needed to drop X% before a buyer would emerge.
There is nothing absurd about the fact he's an insider, and has access to the vast amounts of information, that people have trusted him with billions of dollars and that the flow of information is governed by rules, and it's an issue if integrity.
It's a lot of money and responsibility, it's not a joke.
Nobody is concerned that he Tweets weird things about his GF, that's fine, but he can't tweet things that need to carefully communicated, it's just irresponsible.