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>> It's an April Fools joke gone wrong. Shares of Tesla tumbling 7% Monday, adding to a recent steep decline. Investors not finding anything funny in a series of tweets from Tesla CEO Elon Musk, in which he joked about Tesla going bankrupt. One of the tweets, quote, despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt.
Musk, poking fun at Wall Street analysts and investors worried that his company is in the fast lane to financial ruin. There are growing concerns that Tesla is struggling to meet internal production markets for its more affordably priced Model 3. Just last week, Moody's cut Tesla's debt rating on fear Tesla will have to raise more than $2 billion in capital to finance production and debt.
But there's even more for investors to worry about. Tesla setting off another round of fears about its auto-pilot self-driving feature. Late last week, the company revealed in a blog post that a driver that was killed in a Tesla Model X crash two weeks ago was used in the autopilot technology at the time of the accident.
The blog post also drew outrage from regulators looking into the crash, who like to keep things under wraps until it has finished its investigation. The next big development for the company comes later this week. Tesla's scheduled to reveal quarterly production numbers for its Model 3. It has consistently failed to live up to its own forecast, and investors fear this announcement will be more of the same.
The electric car maker's stock has lost one-fifth of its value since the start of the year, the slump helping to drive the NASDAQ down 2% on Monday.