November 24, 2024
Samsung SDI shares plunge after single tweet from Tesla’s Elon Musk
For the Model 3, Tesla and Panasonic are jointly developing a new, slightly larger cylindrical battery cell than those used in the S and X. Photo: AP
What’s in a tweet? Everything and nothing depending on the sender and the message, as investors in Samsung SDI Co found out this week.
About $US580 million ($777 million) was wiped from the market value of the Samsung Electronics affiliate on Wednesday following a single tweet by Elon Musk.
The billionaire Tesla founder made it clear that Panasonic was Tesla’s sole supplier of batteries for its upcoming Model 3 small car, as well as the Model S large sedan and Model X SUV, dispelling recent rumours that Samsung SDI might also supply batteries for the Model 3.
“Would like to clarify that Tesla is working exclusively with Panasonic for Model 3 cells. News articles claiming otherwise are incorrect,” Mr Musk tweeted.
AdvertisementSamsung SDI’s shares plunged 8 per cent after Mr Musk’s comments, while Panasonic’s rallied nearly 4 per cent, adding $US800 million ($1.07 billion) to its market value. smh.com.au
AdvertisementSamsung SDI’s shares plunged 8 per cent after Mr Musk’s comments, while Panasonic’s rallied nearly 4 per cent, adding $US800 million ($1.07 billion) to its market value. smh.com.au
