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
Growing up on a diet of World Rally Championship highlights and lengthy Gran Turismo 2 sessions, a life in cars was as good as inevitable for Matt.
Comments
I dont get it
What dont you get?
There was a rumour that Samsung could possiby have the exclusive right in battery supply for the Tesla 3, which rised the value of Samsung stocks by a reasonable percentage due to speculation. Now Elon Musk confirmed that this isn’t the case and that Panasonic will exclusively supply batteries for the Tesla 3. This dropped Samsung’s stock value and increased Panasonic’s instead.
Samsung got #rekt
Seriously, seriously #Rekt.
This isn’t linked to this and I respect Elon Musk for what he has done from PayPal to Tesla but I there’s something about the guy which makes me dislike him…or at least just not trust him? Anyone else feeling this at all? (Let the down votes begin)
I know I feel the same. I respect his achievements with all the companies he’s done and so on but he seems like a more unlikeabale person and I don’t know why.
I respect him for all of his success but I think he’s just a businessman who would do anything to sell his product.
I agree dude, like he reminds me of a foe hero, do you know what I mean?
Yup, when it feels too good to be true… I perfectly understand that.
Yeah, I totally agree with you
Holy crap, 8% is huge! Samsung isn’t exactly small, they make up a large portion of S. Korea’s economy, that’s a huge blow considering the scope of the company.
The referred to share price was for Samsung sdi, a subsidiary of Samsung. Samsung’s share
Enter your comment…
Wtf
Wait, Samsung is Korean? Didn’t know that.
I just found that out last night myself.
We now know why Teretto was trying so hard to steal all those panisonics in The Fast and the Furious…
Why were you down there?
Ladies and gentlemen, that is a coment of the week.
Elon Musk = Dominic Toretto #mindblown
I love the way the new Prius has LFA tail lights…
What has that got to do with anything?
what? I dont see it at all…
Samsung be like
Y U DU DIS
This makes me sad. Tesla is like the new Apple. So f*cking overrated. There’s nothing special about their cars, but people think their cars come straight out of a sci-fi movie and are extremely advanced. Makes me cry.