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 per cent this year on jitters over softening demand for electric vehicles and Musk’s distraction with running Twitter.
In an e-mail sent to staff on Wednesday and reviewed by Reuters, he said he believes that long-term, Tesla will be the most valuable company on earth. He also urged employees to make a push to deliver vehicles at the end of this quarter, after the automaker has offered discounts to 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.
“Btw, don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that,” he said.
Tesla’s plummeting share price hurt the value of shares owned by the EV maker’s employees. Tesla has offered stock compensation for most employees including factory workers.
Tesla shares rebounded on Wednesday, following a slump of 11 per cent the previous day after Reuters reported 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.
Musk said in the email: “Long-term, I believe very much that Tesla will be the most valuable company on Earth!”