Elon Musk tells Tesla employees to ignore the stock market madness

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California on June 13, 2019.

Mike Blake | Reuters

After actions of You’re here plunged more than 10% on Tuesday, deepening a year-long selloff, CEO Elon Musk told employees not to be “too bothered by the stock market madness.”

Musk circulated the comments Wednesday in a company-wide email, which CNBC obtained. He told staff members that Tesla must “demonstrate continued excellent performance” and that “over the long term, I firmly believe that Tesla will be the most valuable company on Earth!”

Electrek Electric Vehicle Blog reported earlier on the email.

Shares of Tesla are down about 68% for the year, although they rose 3.3% on Wednesday to $112.71. The stock fell 42% in December and is about to close its worst month, quarter and year on record.

Musk blamed Tesla’s share price decline in part on rising interest rates. But critics point to its takeover of Twitter as the biggest culprit behind the downfall, which wiped out an estimated $675 billion in market capitalization this year as of Wednesday’s close.

In the email, Musk thanked Tesla employees for their hard work in 2022, encouraged them to push hard for a strong fourth quarter finish, and asked them to “volunteer to help deliver” the cars to the customers before midnight on December 31, if at all. possible.

In the final days of most quarters, Tesla calls on employees across the company to bring new cars to customers to meet or exceed set delivery goals, work that in normal times is limited. to members of the sales and delivery teams. The company is targeting 50% growth in vehicle deliveries year-over-year, but has warned investors it may not hit that target every year.

Musk’s attention has been on Twitter lately. The Tesla and SpaceX CEO sold tens of billions of dollars of stock in his electric vehicle company in 2022 to fund the social media company’s $44 billion buyout.

Here is the text of the email Musk sent to Tesla employees on Wednesday:

From: Elon Musk

To everybody

Subj. Last days

Date: December 28, 2022 [Time Stamp removed]

Just a quick note to thank you for your hard work and congratulations on an outstanding execution in 2022!

With many cars arriving at the last minute, it is important to mobilize and do everything in our power to ensure that our cars are delivered to customers who have ordered them before midnight on December 31st. Plus, every extra car we produce that can be delivered on time counts too.

Please do your best over the next few days and volunteer to help deliver if possible. It will make a real difference!

Thanks,

Elon

By the way, don’t be too bothered by the stock market madness. As we demonstrate continued excellent performance, the market will recognize it. In the long run, I firmly believe that Tesla will be the most valuable company on Earth!

LOOK: Musk’s vision has always been bigger than automobiles

Musk's vision has always been bigger than just automobiles, says Axios' Hope King

Leave a Reply

Your email address will not be published. Required fields are marked *