After a single tweet from Elon Musk, Tesla stock is reported to have lost $40 billion in market value

 

 

Tesla Inc.’s stock was down around 4% in Tuesday trade after CEO and creator Elon Musk tweeted that a reported contract to sell 100,000 cars to Hertz had not been signed, implying that it was not complete.

An account named “Tesla Silicon Valley Club” tweeted an image of a graph showing Tesla’s recent 8.5 percent rise and praised Musk shortly after the market closed Monday. Musk said “You’re welcome! If any of this is based on Hertz, I’d like to emphasize that no contract has been signed yet.”

Hertz stated last week that it will purchase 100,000 electric vehicles from Tesla, making it one of the largest battery-powered automobile acquisitions in history. The deal’s financial details, such as how much Hertz paid each car or the overall cost, were not made public at the time.