Tesla shares plummeted by seven percent in preliminary bidding, according to trade data. This has happened after the founder of the company Musk said that Tesla had not entered yet into a major contract with the Hertz car rental service for the buying 100,000 electric vehicles.

Musk said that the Hertz deal had no influence on the company’s economy. “I would like to emphasize that the contract has not been signed yet. Tesla is in much more demand than manufacturing, so we will only sell Hertz cars at the same margins as regular consumers,” he tweeted.