After Elon Musk's 'bankruptcy' joke, Tesla witnesses massive market dip

On Monday the shares of Tesla plunged down by five percent.

Image: Twitter

New Delhi: Elon Musk, CEO of Tesla, carried out a little joke on April fool’s day about Tesla’s bankruptcy, after which the shares of the company dropped down by 5 % closing at its lowest level in more than a year. The reason behind the dip is speculated to be the doubts and worries over Tesla’s model 3 production goals which the company is failing to achieve repeatedly and a massive callback of Model S. Monday’s decline added to a drop of almost 25% in the past month. On April Fool’s Day, the multi-billionaire CEO tweeted from his handle that Tesla has gone bankrupt. In a series of tweets, he gave an impression that the electric-car making company has gone bankrupt. He first gave a notice about an upcoming important information. He wrote: “Important news in a few hours …” He then tweeted: “Tesla Goes Bankrupt Palo Alto, California, April 1, 2018 -- Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it.” There are many chapters of bankruptcy and, as critics so rightly pointed out, Tesla has them *all*, including Chapter 14 and a half (the worst one).

Important news in a few hours …

— Elon Musk (@elonmusk) April 1, 2018

Tesla Goes Bankrupt Palo Alto, California, April 1, 2018 -- Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it.

— Elon Musk (@elonmusk) April 1, 2018

There are many chapters of bankruptcy and, as critics so rightly pointed out, Tesla has them *all*, including Chapter 14 and a half (the worst one).

— Elon Musk (@elonmusk) April 1, 2018

These tweets were followed by a picture in which Elon Musk is seen leaning against a Tesla Model 3 with a board reading "bankwupt"..his eyes closed, giving an impression that the worries about the forthcoming model has taken a toll on the company and the CEO.

Elon was found passed out against a Tesla Model 3, surrounded by "Teslaquilla" bottles, the tracks of dried tears still visible on his cheeks.

This is not a forward-looking statement, because, obviously, what's the point? Happy New Month! pic.twitter.com/YcouvFz6Y1 — Elon Musk (@elonmusk) April 1, 2018

He carefully chose a non-market day to crack the joke. While the fan base of Musk was definitely amused with his humour, investors voiced their displeasure at his carefree attitude, when the company already was grappling with financial lows. Coincidentally after the joke on Sunday, Tesla witnessed dips in its shares. According to the reports, Tesla’s shares plummeted 5% because of the huge Model S recall. Tesla had a tough week including recalling of over 120,000 model S vehicles and an investigation into a fatal crash of a Model X SUV.