Elon Musk tells Tesla employees to ignore the craziness in the stock market

After shares of Tesla plunged more than 10% on Tuesday, deepening a years-long sell-off, CEO Elon Musk told employees not to worry too much about the craziness in the stock market.

Musk spread the comments Wednesday in a company-wide email, which CNBC got hold of. He told staff that Tesla must “demonstrate continued outstanding performance,” and that “in the long run, I strongly believe that Tesla will be the most valuable company on the planet!”

Blog about electric vehicles Electrek reported earlier on the email.

Tesla shares are down about 68% this year, though they rose 3.3% to $112.71 on Wednesday. The stock is down 42% in December and is about to close its worst month, quarter and year ever.

Musk blames Tesla’s falling stock price in part on rising interest rates. But critics point to his acquisition of Twitter as a bigger culprit for the decline, which has wiped out about $675 billion in market cap 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 close, and asked them to “volunteer to help deliver” cars to customers before midnight on Monday. December 31, if that were the case at all. possible.

During the last days of most quarters, Tesla enlists employees across the company to deliver new cars to customers to meet or exceed set delivery goals, work that is normally limited to people in the sales and delivery teams. The company is aiming for a 50% year-over-year growth in vehicle deliveries, but has warned investors that it may not meet that target every year.

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

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

From: Elon Musk

To everyone

Subject Last few days

Date: December 28, 2022 [Time Stamp removed]

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

With many cars arriving at the last minute, it’s important to rally hard and do everything we can to get our cars to customers who ordered them by midnight on December 31st. being delivered on time is also important.

Please do everything for the next few days and sign up to help deliver if at all possible. It will really make a difference!

Thank you,

Elon

Besides, don’t worry too much about the stock market craziness. As we continue to demonstrate excellent performance, the market will recognize that. In the long run, I very much believe that Tesla will be the most valuable company on the planet!

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