6/8/16

One tweet from Elon Musk was all it took for $580 million to disappear from Samsung SDI’s market cap

You might have read a report recently about Tesla being close to forming a partnership with Samsung SDI to source battery cells for the Model 3 sedan. If this was true, Samsung SDI would have captured a major chunk of Tesla’s business as the company ramps up production to meet the very impressive demand for its latest electric car. However, that’s not the case, as Tesla CEO Elon Musk clarified through a tweet. That single tweet led to Samsung SDI’s shares sinking more than 8 percent today and subsequently wiping $580 million from the company’s market capitalization. Click to read the rest of the story

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