Tesla shares dropped more than 7 percent to $248 per share April 2 after CEO Elon Musk joked about the company going bankrupt in an April Fools' tweet, according to The Wall Street Journal.
"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," Mr. Musk wrote in a tweet on April 1.
Mr. Musk's tweet came at a time Tesla's cash position is under scrutiny. Moody's Investors Service downgraded Tesla's credit rating last week. The credit rating agency cited concerns about Tesla's cash levels, according to WSJ.
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