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On May 1 , 2 0 2 0 , Elon Musk, the CEO of Tesla, wrote a series of tweets that caused Tesla s share

On May 1,2020, Elon Musk, the CEO of Tesla, wrote a series of tweets that caused Teslas share price to crash. In one tweet he, for example, said "Tesla stock price too high imo,"
Tesla share price closed at $ 781.88 on Thursday before the tweets and it closed at $701.32 on Friday after the tweets. Market return on Friday was -2.81%. Assume that Tesla has 185 million shares outstanding.
Use Teslas abnormal return on Friday to estimate how big the loss in market value resulting from the tweets is. Round your estimate to the nearest billion. Use the market return as your estimate of the normal return on Friday
A.
-$10.839 bn
B.
-$11.549 bn
C.
$5.365 bn
D.
-$7.872 bn

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