Elon Musk Says Market Was Too High, Due For A Correction

Tesla Inc. TSLA CEO Elon Musk thinks the stock market was a bit too high.

Earlier, trading was halted right after Monday's opening bell on U.S. exchanges with the S&P falling 7%, triggering the automatic circuit breaker stoppage. The Dow Jones Industrial Average fell 2,013 points Monday, closing down 7.79% at 23,851.02. The S&P 500 closed down 7.6% at 2,746.56.

Market was bit high anyway, so due for a correction

— Elon Musk (@elonmusk) March 9, 2020

Analysts believe the plunge in oil prices alongside the recent market lows from the coronavirus could also mark the beginning of a recession.

See Also: 'The Black Swan' Author To Elon Musk: 'Saying The Coronavirus Panic Is Dumb Is Dumb'

On Friday, Musk said the panic over the coronavirus is “dumb.” Nassim Nicholas Taleb, a professor and author best known for his work "The Black Swan" that predicted the 2008 global financial crisis, responded that "saying the coronavirus panic is dumb is dumb... If the word ‘panic' means ‘exaggerated' reaction, could be so at the individual level but NOT at the collective one," Taleb said in a follow-up tweet."

Tesla's stock closed Monday at $608 per share. The stock has been on a wild ride in 2020, opening the new year around $430 a share and closing as high as $917 a share.

Photo via Wikimedia Commons.