Tesla Inc. is poised to give back some of its more than $300 billion gain since Hertz Global Holdings Inc. announced a massive order for its EVs, after Elon Musk cast doubt on the deal and downplayed its potential.
The Model 3 maker hasn’t signed a contract yet with Hertz, the CEO wrote in a tweet responding to a fan club account that thanked the world’s richest person for Monday’s gain in Tesla shares. Musk also said that because Tesla has demand for more vehicles than it can produce, the deal with Hertz “has zero effect on our economics.”
Tesla shares fell 3 percent to close at $1,171.97 on Tuesday. The stock has soared 56 percent during the past month.
Also Tuesday, the automaker said it is recalling nearly 12,000 vehicles for a software glitch -- news that could also impact the stock price.