A Single Tweet Posted By Elon Musk Wiped $580m Off Samsung's Share Price

After quashing rumours that suggested Tesla would source batteries for the upcoming Model 3 from Samsung, a single Tweet from Elon Musk resulted in an eight per cent drop in shares for the Korean company

Matt Robinson

Updated: 10 Oct 2024

Would like to clarify that Tesla is working exclusively with Panasonic for Model 3 cells. News articles claiming otherwise are incorrect.;— elonmusk

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.

A Single Tweet Posted By Elon Musk Wiped $580m Off Samsung's Share Price

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