Elon Musk, the CEO of Tesla Inc., advised staff not to be “bothered by stock market craziness” after the company’s shares dropped nearly 70% this year due to concerns about waning interest in electric vehicles and Musk’s diversion from running Twitter.
Musk expressed his opinion that Tesla will eventually be the most valuable company on the planet in an email to staff that was sent on Wednesday and examined by Reuters.
Additionally, he urged staff to increase deliveries at the end of this quarter after the automaker provided discounts on its vehicles in China and the US.
“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.
According to Refinitiv data, analysts anticipate Tesla to deliver 442,452 vehicles in the fourth quarter.
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 stock compensation.
Following an 11% decline the day before on news that the automaker planned to run a reduced production schedule at its Shanghai plant 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.
“Btw, don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that,” he said.
“Long-term, I believe very much that Tesla will be the most valuable company on Earth!”
According to Morgan Stanley analysts, the stock will “substantially invert” to supply exceeding demand in 2023, changing the last two years of demand exceeding supply from $330 to $250.
(Adapted from MoneyControl.com)