After shares of Tesla plunged by more than 10% on Tuesday, worsening a year-long sell-off, CEO Elon Musk reassured employees, saying this shouldn’t be “too bothered by stock market craziness.”
In email, the now-second richest man in the world told staffers that Tesla needs to “demonstrate continued excellent performance” and that “long-term, I believe very much that Tesla will be the most valuable company on Earth!”
Tesla shares have slumped about 68% for the year, though they surged 3.3% on Wednesday to $112.71. The stock is 42% lower in December, and it’s prone to close out its worst month quarter, and year on record.
Musk has blamed Tesla’s plunging share price in part on rising interest rates. But critics point to his Twitter takeover as a bigger reason for the slump, which has wiped out about $675 billion in the market value of the electric vehicles manufacturer this year as of Wednesday’s close.
In the email, Musk thanked Tesla employees for their work in 2022, encouraged them to push hard for a strong fourth-quarter finish, and asked them to “volunteer to help deliver” cars to customers before midnight on Dec. 31, if at all possible.