A Single Tweet Posted By Elon Musk Wiped $580m Off Samsung's Share Price
If you want a demonstration of the power that Tesla CEO Elon Musk has, look no further. In the early hours of this morning, amid rumours that Tesla would be sourcing batteries for the Model 3 from Korean tech giant Samsung, Musk sent out a Tweet confirming that his company’s deal with Panasonic is an exclusive one.
The result of that revelation? Samsung’s share price plunged by eight per cent, amounting to a $580 million loss, while Panasonic’s went up by $800 million.
This all started after a Reuters report suggested Tesla was in talks with Samsung about a deal which would see the firm step in and supply batteries for the BMW 3-series rivalling Model 3, should demand for the car outstrip Panasonic’s ability to build battery cells fast enough. As well as quashing that rumour, Musk also clarified that Model S and Model X vehicles are also powered only by Panasonic cells.
Source: Wall Street Journal via Gizmodo
Comments
Would it have been considered insider trading if Elon had bought Panasonic before this tweet anticipating the jump? This is wild, what a big drop.
Not matter what batteries it uses, it will still last longer than my iPhone
Am I a bad person for finding this absolutely hilarious?
i was wondering the same thing
Expect Apple Car’s batteries powered by Samsung.
Yep if they were from apple you couldnt drive for 5 miles without it running out of charge
Now we know it’s going to have great blacks, but will suffer from burn-in.
A single tweet also wiped off smiles off console peasants this week :P
GET F*CKING REKT
Musk be like:
I’m not sure why anyone took this rumor seriously in the first place? The plan was, is, and always has been for the Gigafactory in nevada to supply the batteries for the Model 3, the gigafactory is a combined project between Tesla and Panasonic, Panasonic has invested millions in it, Samsung has never had anything to do with Tesla batteries.
What I can’t believe was how did Reuters not refute this rumor by doing a simple finding that Panasonic was working with Tesla all this while. I smell a conspiracy against Samsung.
I wonder how took advantage of this and made some mega ££
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