This meeting seemed to reassure those present. It was designed to bolster morale and stop employees from selling their shares despite the market volatility.
Tesla Rising in the Stock Market
Tesla’s stock, which had been down over 30% year-to-date, experienced a notable rebound following Musk’s engagement. On Monday, shares surged 12%, closing at $278.39, marking the company’s best performance since last. November. By Tuesday afternoon, the stock continued its upward trajectory, trading up 2.8% at $286.
Wedbush analyst Dan Ives commented on this resurgence, noting that Musk’s proactive approach sent a much-needed positive signal to both employees and investors. Ives emphasized that the stock was “way oversold” and is now bouncing back as Musk demonstrates renewed commitment to Tesla.
Addressing External Challenges
Tesla has recently faced increased pressure from competitors, notably China’s BYD, which overtook Tesla with annual sales of $107 billion compared to Tesla’s $97.7 billion in annual revenue.
