A Single Tweet Posted By Elon Musk Wiped $580m Off Samsung's Share Price
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.
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
Samsung got #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)
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.
Enter your comment…
Wait, Samsung is Korean? Didn’t know that.
We now know why Teretto was trying so hard to steal all those panisonics in The Fast and the Furious…
I love the way the new Prius has LFA tail lights…
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.