ONE TWEET was all it took for Elon Musk to wipe nearly A$800million value from one company’s worth.
Musk, the grand overseer of electric vehicle manufacturer Tesla, took to twitter overnight to address rumours Samsung SDI (a spin-off of the tech company that makes batteries and displays) was assisting in the production of the new Tesla Model 3.
The Tesla CEO and renowned entrepreneur set the record straight, tweeting that his company will only be working with Panasonic.
“Would like to clarify that Tesla is working exclusively with Panasonic for Model 3 cells. News articles claiming otherwise are incorrect,” Musk tweeted.
Investors then savaged Samsung SDI, wiping eight percent – or US$580million (A$774million) – off the company’s value on Wall Street in morning trade.
On the flipside, Panasonic’s value received an US$800million (more than A$1billion) boost from the tweet.
It just goes to show, not all news is good news!