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HomeNewsBusinessMusk says Tesla employees not to be “bothered by stock market insanity”

Musk says Tesla employees not to be “bothered by stock market insanity”

Elon Musk, the CEO of Tesla Inc., advised staff not to be “bothered by stock market madness” after the company’s shares dropped over 70% this year due to concerns about waning interest in electric vehicles and Musk’s diversion from running Twitter.

Additionally, he asked staff to increase deliveries at the end of this quarter after the carmaker provided discounts on its automobiles in China and the US.

Musk expressed his opinion that Tesla will eventually be the most valuable firm on the planet in an email to colleagues that was sent on Wednesday and examined by Reuters.

“If at all feasible, please go all out for the upcoming days and offer to help deliver. It’ll really change things!” he wrote in the email.

The value of the shares held by Tesla’s employees has decreased as a result of the company’s falling stock price. For the majority of employees, including factory workers, Tesla has provided equity compensation.

According to Refinitiv statistics, analysts anticipate Tesla to deliver 442,452 vehicles in the fourth quarter.

Following an 11% decline the day before on news that the automaker planned to operate a restricted production schedule at its Shanghai facility in January, Reuters reported, the company’s shares recovered on Wednesday. Concerns about a decline in demand in the largest auto market in the world arose from the news.

“By the way, don’t worry too much about the crazy stock market. The market will acknowledge our sustained good performance as we demonstrate, “added he.

“Over the long run, I have a strong belief that Tesla will be the most valuable firm on the planet!” According to Morgan Stanley analysts, the stock will “significantly invert” to supply exceeding demand in 2023, changing the past two years of demand over supply from $330 to $250.

News Summary:

  • Musk says Tesla employees not to be “bothered by stock market insanity”
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