Elon Musk backtracks on calling Tesla overvalued: Stock is 'low if you believe'

Elon Musk backtracks on calling Tesla overvalued: Stock is 'low if you believe'
Elon Musk backtracks on calling Tesla overvalued: Stock is 'low if you believe'

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Once again, Elon Musk is defending Tesla's skyrocketing stock price — only this time he is rebutting himself.

Musk said on Twitter Monday afternoon that his company's shares are "obviously high on past and present, but low if you believe in Tesla's future."

Musk attached his tweet to a link of a story that pointed out that Tesla's stock had dropped more than 2 percent days after he said Tesla shares were "higher than we have any right to deserve."

This is not the first time Musk has defended his company's stock valuation, which critics say too far outstrips the company's performance.

In early April, the CEO traded comments with two journalists on Twitter after they pointed out that Tesla's market cap exceeded that of far larger Ford, which sells many times the number of cars Tesla does.

Tesla shares have risen nearly 50 percent this year, producing huge losses for some investors with short positions. But the stock has also slid in recent weeks, after Tesla reported lower-than- expected delivery numbers for the second quarter. Several Wall Street firms called the results disappointing, including Cowen, Goldman Sachs, Bernstein, and Keybanc Capital.

CNBC

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