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Elon Musk put two of his California homes on the market for a total of $ 39.5 million just days after his bizarre Twitter rant plunged Tesla stocks more than 11%.
On Friday, the founder of Tesla announced that he believed the company’s share price was “too high”, before revealing that he planned to sell his physical assets.
At the closing bell, Tesla was trading at $ 701.32 per share, down more than 10%. The subsequent decline in action wiped out about $ 13 billion from Tesla’s market value and nearly $ 3 billion from Musk’s stake.
The tech entrepreneur, who Forbes says is worth more than $ 38 billion, also tweeted Friday that he intends to sell “almost all physical goods.”
“Will not own a house,” wrote Musk. On Monday, it was revealed that the billionaire had listed two Bel Air properties on Zillow. The homes have been in Zillow for less than 24 hours.
The first home is Musk’s lower Bel Air Estate which overlooks the Bel Air Country Club.
Elon Musk put two of his Californian homes on the market just days after a strange Twitter rant
On Monday, it was revealed that the billionaire had listed two Bel Air properties on Zillow. According to Zillow, the two houses have only been on the site for 18 hours. This property has been listed for $ 30 million. It was bought by Musk in 2012 for $ 17 million
The 16,251 square-foot mansion includes six bedrooms, 11 bathrooms, a two-story library, a pool, and a tennis court
According to the Zillow list, the house also has a swimming pool (photo)
One of the features of the mansion is a tennis court (photo), according to the list
The mansion also has a gym, swimming pool, wine cellar, orchard and garage for five cars
The residence, which was purchased by Musk in 2012 for $ 17 million, was listed for $ 30 million on Zillow.
The 16,251 square foot mansion includes six bedrooms, 11 bathrooms, a two-story library, a pool and a tennis court.
It also has a gym, swimming pool, wine cellar, orchard and garage for five cars.
The second house was listed for $ 9.5 million and was owned by late Willy Wonka actor Gene Wilder, who died in 2016.
It has five bedrooms, 4.5 bathrooms, an oval pool and a private guest cottage.
In November 2013, Musk bought the Bel Air home for three-quarters of an acre for $ 6.75 million. Musk has since turned the property into a private school.
In one of his Friday tweets, Musk said he would sell the house under certain conditions.
“Only one stipulation for sale: I am the old house of Gene Wilder. It cannot be demolished or lose its soul, ”said Musk.
The second house was listed for $ 9.5 million and was owned by late Willy Wonka actor Gene Wilder, who died in 2016.
In November 2013, Musk bought the Bel Air home for three-quarters of an acre for $ 6.75 million. Musk has since turned the property into a private school
The house includes five bedrooms, 4.5 bathrooms, an oval pool (photo) and a private guest cottage
The house is one of six that Musk purchased within walking distance of each other. Musk also bought a seventh home near Tesla’s headquarters in Northern California.
In total, he has spent more than $ 100 million on seven properties since 2012, according to the Wall Street Journal.
Musk bought two homes in 2015: a modest ranch home for $ 4.3 million and a mansion for $ 20 million.
A year later, Musk bought a large, unfinished house for $ 24.25 million. The three houses are located on the cul-de-sac of five houses.
Musk assured his supporters on Friday that the sale of his property was not financially motivated.
“I don’t need the money. I dedicate myself to Mars and to Earth. Possession weighs you down, ”Musk tweeted.
Despite its rant on Twitter on Friday, Tesla’s shares rose 4.5% on Monday. When asked by the Wall Street Journal if he had jokingly published the tweets, Musk replied, “No.”
This is not the first time that Musk’s tweets have landed him in hot water with his investors.
“The Tesla share price is too high,” Musk tweeted around 11:11 a.m. on Friday.
Right after posting the tweet, Tesla’s shares began a precipitous fall on Wall Street. Tesla was trading at $ 701.32 last Friday, down more than 10%.
The billionaire was fined $ 40 million last year after making a false tweet in 2018 that he had obtained funding to privatize Tesla.
The Securities and Exchange Commission (SEC) sued Musk that year after tweeting on August 7 that he had “obtained financing” for Tesla to become a private company at $ 420 a share.
THE PRICEY POSSESSIONS OF ELON MUSK
Six homes in the Bel Air section of Los Angeles worth $ 70 million, including:
A $ 22.3 million colonial mansion that includes an illuminated tennis court, five garages and a swimming pool;
A ranch house formerly owned by Gene Wilder, valued at $ 7.8 million;
$ 20 million house with six bedrooms and eight bathrooms;
Four-bedroom house valued at $ 4.9 million;
Six-bedroom house made up of “geometric shapes” and valued at $ 27.3 million;
$ 4.2 million colonial house
Centennial mansion in Northern California for $ 27.2 million
$ 920,000 paid at auction for the Lotus Esprit underwater car used in the Bond film
Ford Model T gasoline
Jaguar E-Type Series 1 Petrol Roadster
The number “420” has meaning for pot smokers. In cannabis cultivation, the date 4/20, or April 20, is celebrated as a national holiday.
Musk’s tweet about driving Tesla to a share price of $ 420 per share was seen as a joke about marijuana.
The SEC, however, said the tweet, which boosted Tesla’s stock price to 13.3%, violated securities laws.
Musk’s privatization plan was at best at an early stage and no funding was in place.
As part of an agreement with the federal government, Musk has agreed that certain tweets will be pre-approved by lawyers and controlled by a works council.
However, on Friday, Musk appeared to have become a thug in a series of inconsistent tweets that included poorly quoted lyrics from The Star Spangled Banner.
Musk also tweeted, “Now give people back their FREEDOM. “
This tweet is likely a reference to Musk’s controversial comments that snap the coronavirus lockdown, which he called “fascist” on Wednesday.
Musk then noted on Twitter that his girlfriend, the musician Grimes, was angry with him.
In response to another Twitter user, Musk revealed that Grimes, who is pregnant, is due to give birth today. The baby will be Musk’s sixth child.
The South African native was married for the first time to Canadian author Justine Musk, with whom he has five children.
Their firstborn died of sudden infant death syndrome at the age of 10 weeks.
Musk married twice British actress Talulah Riley. The couple also divorced twice.
Musk’s real estate portfolio includes a group of six houses spread across just two streets in the Bel Air section of Los Angeles. The houses (four of which are surrounded above) are within walking distance of each other
The billionaire Tesla also bought this house in the Bel Air district (the smallest circle on the left on the map)
Musk owns this Bel Air home with its other Bel Air properties (located in the lower left of the map)
Early last year, Musk paid $ 6.4 million for this white colonial house in a nearby Bel Air cul-de-sac.
Musk also had a brief and highly publicized relationship with Johnny Depp’s ex-wife Amber Heard.
On Friday, Musk also attempted to recite the star banner, tweeting, “And the red glow of the rocket, the bombs exploding in the air … proved all night that our flag was still there … Oh, let’s say that star – glittery and vague banner… O’er the land of the free and the house of the brave?
He then tweeted: “Rage, rage against the death of the light of consciousness”.
In recent days, Musk has cleared the ongoing coronavirus lockdown.
Even though his business has reported solid profits, one of Tesla’s biggest disruptions has been the government-ordered shutdown of its Fremont, California plant, which began on March 24.
Alameda County, where the plant is based, extended home stay orders until May 31 and vehicle manufacturing is not considered a critical business and is exempt.
During a conference call Wednesday, Musk said he did not know when they could resume production.
Musk also revealed that his girlfriend, musician Grimes, was due to give birth on Monday. The couple is seen above in New York in May 2018
“Baby expected Monday,” Tesla CEO also tweeted on Friday
“I think people are going to be very angry about this and are very angry,” said Musk, walking away from the earnings call.
“It’s like someone has to be, if someone wants to stay in the house, it’s great, they should be allowed to stay in the house and they shouldn’t have to leave.”
“To say that they cannot leave their house and that they will be arrested if they do, is fascist. It’s not democratic, it’s not freedom. Give people back their fucking freedom!
The strictest stay-at-home orders recommend that people leave home only for essential trips such as visiting the grocery store or pharmacy.
Tesla closed the California plant as it ramped up production of its new electric crossover utility vehicle, the Model Y, which is expected to generate record demand and higher profit margins.
Tesla said Wednesday that Model Y is already contributing to profits, marking the first time in company history that a new vehicle is profitable in its first quarter.
Tesla said last month that production and deliveries of its sport utility vehicle Y were well ahead of schedule, as it delivered the most vehicles in the first quarter to date, despite the epidemic.
The electric car and solar panel company said it made $ 16 million from January to March, its third consecutive profitable quarter.
Musk, who called the coronavirus lockdown “fascist,” also tweeted, “Give people freedom now.”
He then posted a series of tweets containing the lyrics to The Star Spangled Banner
Excluding items, Tesla reported earnings of $ 1.24 per share. Analysts expected a loss of 36 cents a share. Tesla stocks are also up for the year after recovering from a severe crisis in March.
But Musk called the state’s home stay order “a serious risk” to the business.
“So expanding the refuge in place or, as I would put it bluntly, forcibly imprisoning people in their homes, against all their constitutional rights, is in my opinion, and breaking people’s freedoms in a horrible and evil way, and not why people came to America or built this country, excuse me, “added Musk later.
“It is a scandal. This will cause loss, great damage, not just for Tesla, but for any business. And although Tesla will weather the storm, many small businesses will not.
Tesla produces a fraction of the cars of its rivals, but has a much higher market value than expected from huge growth.
Musk said that while other automakers are cutting costs, Telsa is increasing investment.
He said Tesla could announce the location of a new US plant in one to three months.
Tesla reports healthy profits, but one of Tesla’s biggest disruptions has been the government-ordered shutdown of its Fremont, California plant
Tesla said it could not predict how quickly vehicle manufacturing and global supply chains would normalize, saying it would revert to full-year net profit and cash flow forecasts when it will publish its results for the current quarter in three months.
In January, Tesla said it expects positive quarterly cash flow and positive net profit going forward.
The company did not update its half-million vehicle delivery forecast by Wednesday by the end of 2020 on Wednesday.
Tesla said its free cash flow was affected by increased inventory due to the shutdown of the coronaviruses.
The COVID-19 pandemic has disrupted demand for cars, with automakers, including Tesla, forced to lay off workers and shut down factories.
Demand for vehicles in the United States fell 80% in some hard-hit regions in March, but analysts said sales appeared to rebound slightly in the first two weeks of April.
The electrical manufacturer has not specified when it plans to resume production at its Fremont plant.
But Tesla said Wednesday that production from its vehicle factories in Fremont, California and Shanghai, China, would gradually increase during the second quarter.
The company said operations at its Shanghai plant are progressing better than expected, with production rates for its Model 3 sedan expected to reach 4,000 units per week, or 200,000 annually, by mid-2020.
It delivered 88,400 vehicles in the first three months of the year, a 40% increase from a year ago. This was facilitated by production at its new factory in Shanghai.
He said gross margins at his Shanghai plant were approaching those of Model 3 production in the United States.