"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. So bankrupt, you can't believe it," he wrote.
He later posted a picture of himself pretending to be passed out with his head on a Tesla Model 3 while holding a sign that read "Bankwupt!"
"Elon was found passed out against a Tesla Model 3, surrounded by 'Teslaquilla' bottles, the tracks of dried tears still visible on his cheeks," the tweet said.
"This is not a forward-looking statement, because, obviously, what's the point?"
The prank came amid reports of significant risks ahead for the manufacturer, which is heavily indebted and has not turned a profit since it began operating in 2003.
In the wake of Musk's bankruptcy tweet, the market responded by shaving a further 5 per cent off the company's value as Tesla's shares continued to slide sharply on Monday.
Aside from an investigation into a recent crash involving Tesla's autopilot technology, much of the trepidation from investors has been around the company consistently missing production targets for its Model 3, a cheaper vehicle that analysts see as crucial to the company's long-term profitability and survival.
This week Electrek, published an email Musk reportedly sent to employees at 3am saying Tesla may now exceed a production rate of 2000 Model 3 cars per week, which is still behind it original production goal.
However, Musk also noted that it's already twice the production rate of last year and said he now expected the carmaker to exit the year by producing cars "at least four times faster than last year".
"Musk himself is focusing time on Model 3 production because it is the "highest priority", a Tesla spokesman said on Monday in the US.
