After Tesla’s stock dropped more than 10% on December 27, worsening its annual selloff, CEO Elon Musk told employees not to “worry about the madness of the stock market.”
Musk sent a company-wide email, which was also obtained by CNBC. In the email, he wrote that Tesla should “continue to demonstrate high performance” and that “in the long term, I believe Tesla will be the most valuable company on Earth!”
Musk blamed the drop in Tesla’s stock price on rising interest rates. However, critics point to his purchase of Twitter as the main cause for the stock’s decline, which resulted in a market capitalization loss of $675 billion this year.
In the email, Musk thanked Tesla employees for their work in 2022, urged them to do their best to successfully close out the fourth quarter, and asked them to “voluntarily help deliver” cars to customers by midnight on December 31, if possible.
At the end of each quarter, to meet delivery deadlines, Tesla typically involves all employees in delivering cars to customers. The company aims for a 50% year-over-year growth in vehicle deliveries but has warned investors that it may not be able to meet that target every year.
Recently, Musk’s attention has been focused on Twitter. The CEO of Tesla and SpaceX sold shares of his electric vehicle company in 2022 to finance his $44 billion acquisition of the social media platform.