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
Samsung be like 😲🔫
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ugh. there’s something I just don’t like about him.
It’s amazing how much Elon Musk truly controls the economy
Samsung investors right now
That’s crazy how one little mishap screws Samsung over
It astounds me how a single tweet can cause such a huge change in the stock. I remember reading an article that twitter moods can correctly predict if stocks will plunge. Power of technology huh..
Elon Musk…
He’ll create skynet then blow up the moon
How to ruin a business in one tweet.
Good. The samsung battery in my phone was utter crap and i had to replace it after a year.