Tesla employees have received advice from the company’s chief executive, Elon Musk, as the stock market endures its worst year ever. He told Tesla employees they shouldn’t be bothered by the madness of the stock market. His comments come after the automaker’s shares plunged nearly 70% in 2022 amid jitters over waning demand for its electric vehicles and Musk’s Twitter antics over the past few months.
Reuters reported that Musk had sent an email to car company employees saying he believed Tesla would become the most valuable company on earth in the long run. “By the way, don’t pay too much attention to the madness in the stock market. When we show continued outperformance, the market will recognize it,” he said, adding, “In the long run, I really believe Tesla will be a Most Valuable Company on Earth!”
Also read: Tesla shares post rare gains in worst year, snapping long losing streak
Musk also urged Tesla employees to increase electric vehicle deliveries by the end of the quarter. “Please give your all in the next few days and volunteer as much as possible to help. This will make a real difference!” he said in an email. His email came as Tesla announced discounts on its vehicles in the U.S. and China to boost sales momentum. Meanwhile, analysts expect Tesla to deliver 442,452 vehicles in the fourth quarter of 2022.
The report also said that Tesla’s stock price plunge has hurt the value of shares held by employees of the electric car maker. The auto brand provides stock compensation to most employees, including factory workers. However, despite the ongoing slump, Tesla shares rebounded on Wednesday after falling 11% in the previous session after plans to cut production at its Shanghai Gigafactory in January were revealed.
First published date: December 29, 2022 at 10:20 AM CST
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