Every Time Elon Musk Has Warned Investors About Tesla's High Share Price

Tesla Inc TSLA shares dropped another 3 percent on Monday after CEO Elon Musk once again pointed out that the stock’s share price is too high. Even after a 20 percent decline from all-time highs earlier this summer, Musk said Tesla’s stock is still too pricey at the moment.

“I’ve gone on the record several times that the stock price is higher than we have the right to deserve ad that’s for sure true based on where we are today,” Musk said at the National Governors Association summer meeting on Saturday.

Related Link: For Growth Stocks, Valuation Doesn't Matter... Until It Does

Musk attributed Tesla’s high share price to “a lot of optimism” and said that keeping investors’ expectations in check has been “quite tough.”

At 3:12 p.m. ET Monday, Musk Tweeted, "I should clarify: Tesla stock is obviously high based on past & present, but low if you believe in Tesla's future. Place bets accordingly."

Remarkably, even after Monday’s selloff and Musk’s comments, Tesla stock remains up 48 percent in 2017 ahead of the highly-anticipated roll-out of the Model 3.

This Isn't The First Time

As Musk pointed out, Saturday isn’t the first time he has warned investors about Tesla’s stock being out of touch with reality. Here’s a look at four other times Musk has commented on Tesla’s valuation.

August 22, 2013: “I actually think the value of Tesla right now is, the market is being very generous… I really feel like the valuation we have right now is more than we have any right to deserve honestly.”

Telsa’s share price at the time: $161.84.

Tesla stock performance in the six months that followed: +29.5 percent

October 24,2013: “The stock price that we have is more than we have any right to deserve.”

Tesla’s share price at the time: $173.15

Tesla stock performance in the six months that followed: +20 percent

September 5, 2014: “I think our stock price is kind of high right now. If you care about the long term, Tesla, I think the stock is a good price.”

Tesla’s share price at the time: $277.39

Tesla stock performance in the six months that followed: -27.7 percent

May 18, 2017: “I do believe this market cap is higher than we have any right to deserve. We’re a money losing company… Tesla is absurdly overvalued if based on the past, but that’s irrelevant. A stock price represents risk-adjusted future cash flows.”

Tesla’s share price at the time: $313.06

Tesla stock performance in the six months that followed (so far): +1.2 percent