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UPDATED: Is Elon Musk out of his mind? Or was he just hacked? Either way Tesla lost billions in market cap in a matter of minutes.

Updated: Saturday 9:31AM EST

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On Friday celebrity entrepreneur Elon Musk started sending out some cryptic tweets about selling his home and earthly possessions, as well as that Tesla was overvalued.

The mayhem that ensued on TSLA stock was horrible and the company lost billions of dollars in market cap in minutes. More on that later.

At around the same time a medium post with the name SpaceX Cash popped up showing Elon musk giving away cryptocurrency to readers.

The page that is apparently linked to both Musk and Tesla says as follows:

The above image shows Musk stating that you will get 2x back the amount of crypto you send to him. Apparently on the Bitcoin page this is limited to 5,000.00 BTC or over $43,000,000.00 at the time of this writing.

At the time of this writing, there has been no proof one way or the other on if this is indeed a hack, so far everything looks legit and is coming from authorized accounts and there have been no news otherwise. We do know that the celebrity entrepreneur always does have something up his sleeve, but this just seemed to come out of left field so we are writing about it so readers can proceed with caution.

Update: We can confirm the website we referenced above is indeed a hoax to dupe unsuspecting investors out of crypto.

Tesla Stock Overvalued?

Another red flag is Mr. Musk also tweeted about TSLA stock being overvalued. Especially considering that a couple years back he was banned from making important stock related announcements by the SEC as it pertains to TSLA stock.

Elon Musk Tweet Friday regarding Tesla’s stock price.

This leads us to believe that maybe Mr. Musk is either off his rocker, or the potential victim of an elaborate hack which is attempting to steal cryptocurrency from his 33 million followers. At this point, there is no real evidence to suggest he was hacked, but we are hoping to prevent readers to getting beat up in the event of an elaborate hoax.

Just a few moment before tweeting about TSLA stock Mr. Musk Tweeted out:

Sure it is true that Musk is known for being controversial and this could indeed just be par for the course, however as it stands right now, we have to ask, what is really going on?

UPDATE: As of Saturday morning there has been no news as to the potential hacking of Musk’s account so we are lead to believe that everything is in order.

We have further researched the links regarding SpaceX cash and determined that it was indeed a scam, but had nothing to do with the posts on Mr. Musks Twitter account. We have deleted any links going to the site so that any unsuspecting readers don’t actually participate in this cash grab.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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