Tesla Shares Drop After Musk Cancels Car Model

The billionaire said that Tesla would no longer be manufacturing its most expensive sedan model, the Model S Plaid+.

learn more about Emily Rella

By Emily Rella

picture alliance | Getty Images

Elon Musk was back at it again on Twitter this weekend, the social-media platform that the Tesla (TSLA) CEO has been using to stir up market volatility with his hot takes.

Nevertheless controversial, this time Musk was causing an uproar regarding news about his own company.

The billionaire said that Tesla would no longer be manufacturing its most expensive sedan model, the Model S Plaid+.

"Plaid+ is canceled," he wrote. "Plaid is just so good."

Related: Elon Musk's Partner, Grimes, Asks Communists to Adopt AI

The Model S Plaid can gain speeds of up to 200 mph with a 1,020 horsepower peak.

"With the longest range and quickest acceleration of any electric vehicle in production, Model S Plaid is the highest performing sedan ever built," the company said.

Musk continued on Twitter, explaining that the Plaid version of the sedan can go from zero to 60 mph in "under 2 secs."

"Has to be felt to be believed," he added.

Related: Elon Musk Sends Shares Soaring After Tweet About Viral Video

The Model S Plaid, which was originally planned for deliveries earlier this year, will be released on June 10 and will start at $120,000.

Musk explained that the car needed "one more tweak" upon the delay of the car's release.

"Words cannot describe the limbic resonance," the CEO tweeted of the vehicle.

Upon inspection on Tesla's site, the option to order a Plaid+ model is no longer there, but notes that Plaid+ will be "available in mid-2022."

The news of the car's cancellation put shares of Tesla down about 0.3% in premarket trading Monday morning.

The company is up over 200% year over year.

Related: Tesla's Higher Prices Due to Supply Chain Pressure, Says CEO

Emily Rella

Entrepreneur Staff

News Writer

Emily Rella is a news writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Business News

Police: 82-Year-Old Woman Found Alive at New York Funeral Home After Being Pronounced Dead

The woman was found breathing almost three hours after she was pronounced dead.

Living

Invest in Yourself: 10 Things Every Working Woman Should Do This Year

When striving for success, it is easy to forget about your mental and physical health. But without health, you cannot fully succeed. Follow these ten lifestyle strategies for success in your personal and professional life.

Leadership

3 Expert-Backed Strategies for Blowing People Away With Your First Impression

Nothing is more important than a good first impression. The first five seconds are everything.

Business Ideas

How to Make Thousands of Dollars on the Side As a Virtual Assistant

Apply your skills and experience to create a lucrative virtual assistant side hustle or full-time business.