Elon Musk reportedly lied on Twitter concerning the cancellation of a low-cost Tesla vehicle to mitigate a stock decline, indicating a potentially deceptive post aimed at improving investor sentiment. This incident, which caught the attention of the SEC, reflects ongoing tensions regarding Musk's communications and their implications for Tesla shares. Despite company executives knowing the $25,000 car project was canceled weeks earlier, Musk's public denial confused senior leadership and raised concerns about future sales as consumers awaited the model.
Musk's denial about the cancellation of the $25,000 car confused senior managers, leading to concerns that investors would soon uncover the truth.
The SEC continues to scrutinize Musk's statements on social media, reflecting ongoing tensions between Tesla's leadership and regulatory compliance.
Amidst stock fluctuations, Musk's controversial post aimed to manipulate market perception despite knowing the $25,000 vehicle project was scrapped weeks prior.
Executives feared Musk's misleading tweets could negatively impact sales as customers hesitated to buy while expecting the supposedly forthcoming low-cost Tesla.
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