In the midst of recording its worst year ever on the stock market, Tesla employees took advice from the company’s CEO, Elon Musk. He told Tesla employees they shouldn’t be bothered by the stock market frenzy. His comments come after the automaker’s shares fell nearly 70% in 2022 due to worries about dwindling demand for its electric cars and Musk’s antics related to Twitter over the past few months.
Reuters reported that Musk sent an email to the auto company’s employees saying that he believes Tesla will be the most valuable company on earth in the long term. “By the way, don’t worry too much about the stock market frenzy. As we continue to show excellent performance, the market will recognize that,” he said, adding, “In the long run, I strongly believe that Tesla will be the most valuable company on earth!”
Also read: Tesla shares rise to rare record en route to worst year, ending long losing streak
Musk has also urged Tesla employees to ramp up electric vehicle deliveries by the end of the quarter. “Do your best for the next few days and volunteer to help with deliveries if you can. That will make a real difference!” he said in the email. His letter came at a time when Tesla announced discounts on its vehicles in the US and China to boost sales momentum. Meanwhile, analysts expect Tesla to deliver 442,452 vehicles in the fourth quarter of 2022.
The report also claims that Tesla’s plummeting share price has hurt the value of shares owned by employees of the electric vehicle maker. The car brand has offered stock compensation to most of its employees, including factory workers. However, despite the continued decline, shares of Tesla rebounded on Wednesday, after falling 11% in the previous session after Tesla’s plans to cut production at the Shanghai Gigafactory in January were revealed. revealed.
First published date: December 29, 2022, 10:20 am IST
