Elon Musk, the CEO of Tesla, warned staff not to be "too concerned by stock market craziness" after shares fell more than 10% on Tuesday, intensifying a sell-off that had been going on for most of 2022.
Musk shared the remarks on Wednesday in an internal email, EV blogs Electrek reported.
Tesla needs to "demonstrate continued excellent performance, the market will recognize that," he stated, adding that "Long-term, I believe very much that Tesla will be the most valuable company on Earth!"
Although shares increased 3.3% on Wednesday to $112.71, Tesla shares have lost nearly 68% of their value for the year. The stock has lost 42% of its value in December and is on track to finish with its worst month, quarter, and year ever, even as the EV maker aims to hit 50% higher sales this year.
Musk has attributed Tesla's falling stock price to rising interest rates. But detractors highlight his Twitter takeover as part of the reason for the price drop.
So far, the slide has wiped out about $675 billion in market capitalisation this year as of Wednesday’s close.
Following is the text of the email Musk sent to Tesla employees on Wednesday:
From: Elon Musk
Subj. Final Few Days
Date: Dec. 28, 2022
Just a quick note to thank you for your hard work and congratulate you on exceptional execution in 2022!
Since we have a lot of cars arriving at the last minute, it is important to rally hard and do everything we can to get our cars to customers who have ordered them before midnight on Dec. 31. Also, every incremental car we produce that can be delivered in time also matters.
Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference!
Btw, don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that. Long-term, I believe very much that Tesla will be the most valuable company on Earth!