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Musk tells Tesla workers not to be 'bothered by stock market craziness'

Published 12/28/2022, 05:37 PM
Updated 12/29/2022, 12:25 PM
© Reuters. FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

(Reuters) -Tesla Inc Chief Executive Elon Musk told employees that they should not be "bothered by stock market craziness" after the company's shares fell nearly 70% this year on jitters over softening demand for electric vehicles and Musk's distraction with running Twitter.

In an email sent to staff on Wednesday and reviewed by Reuters, Musk said he believes that long term, Tesla (NASDAQ:TSLA) will be the most valuable company on earth.

He also urged employees to ramp up deliveries at the end of this quarter, after the automaker offered discounts on its vehicles in the United States and China.

"Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference!" he said in the email.

Analysts expect Tesla to deliver 442,452 vehicles in the fourth quarter, according to Refinitiv data.

Tesla's plummeting share price has hurt the value of shares owned by the EV maker's employees. Tesla has offered stock compensation for most employees including factory workers.

The company's shares rebounded on Wednesday, following an 11% slump in the previous session on a Reuters report that the automaker planned to run a reduced production schedule in January at its Shanghai plant. The news sparked worries of a drop in demand in the world's biggest car market.

"Btw, don't be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that," he said.

© Reuters. FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

"Long-term, I believe very much that Tesla will be the most valuable company on Earth!"

Morgan Stanley (NYSE:MS) analysts cut their price target on the stock to $250 from $330, saying the last two years of demand exceeding supply will be "substantially inverted to supply exceeding demand" in 2023.

Latest comments

Make nonsense after dumping his shares.
after all the hype and hubris is gone, TSLA will simply be priced on the same criteria as any other auto/ev manufacturer
Sorry but that is the worst excuse for a price cut ever. Why not just say in our own going anti Musk campaign.......
Morgan Stanley that's the dumbest price target slash ever. Thinking maybe the anti Musk campaign might of had more to do with that then anything real.
Alian Musk We are waiting for your Internet technology. do some more hard work.
they are not bothered by stock market craziness, they are bothered by a distracted erratic narcissist dumping billions of tesla stock at the peak pumped price!
Yep, it's definitely a company going private and Elon posts, not their largest market vaporizing and earnings/demand forecasts across the board tanking 🙃. Most of their growth relied on the Chinese market. Guess how many other companies are experiencing the same problem?
As an European worker at Tesla i would more worry about your job then the stockprice, in many EU countries Tesla was no1 ev, currently in some countries like the netherlands, 30k sales in 2019, this year only 3k (!) and not even in top 10 ev sales, there are much better models available.
This is another prime example of why NOT to invest in the company you work for in your 401K. Learn to take the money and RUN!
Here we go “tomorrow tesla shares will jump above 120$ easily now
Just hodl, lmao.
🤡 what equities do you own that have been performing since Nov 2021
he'll probably go on a random firing spree there soon. I think tesla workers should be very worried
Most tech employees should at this point, especially new grads.
I think stock markets are bothered by Musk's craziness
After being with Amber Heard that's what happen
He may be having a problem with cannabis. I know many consumers of this stuff and none of them is getting things done
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