Tesla shares fall 2.5 percent after CEO Elon Musk reiterates the stock’s price may be overvalued.
It takes a lot for any chief executive to say, “We’ re not worthy!” But Tesla CEO Elon Musk isn’ t like any other company boss.
Speaking at the National Governors Association on Saturday, Musk told Nevada Gov. Brian Sandoval that he thinks Tesla’s stock price is too high.
“I’ ve gone on the record several times that the stock price is higher than we have the right to deserve, and that’s for sure true based on where we are today, ” Musk said.
On Monday, investors took Musk at his word. Tesla shares fell 2.5 percent to close at $319.57.
Altogether, it was a pretty so-so kind of day for Bay Area stocks. In addition to Tesla, mild losses came from Nvidia, Intel, GoPro and Facebook.
Advancers included Apple, TiVo, Pandora and HP.
The tech-focused Nasdaq Composite Index edged up by less than 2 points to finish at 6,314.43, while the blue chip Dow Jones Industrial Average slipped by 8 points to end the day at 21,629.72 and the broad-based Standard & Poor’s 500 Index ended the day unchanged at 2,459.14.
