Tesla shares fell more than 10% on Tuesday, deepening a year-long selloff, prompting CEO Elon Musk to tell employees not to be “too bothered by stock market craziness.”
Musk made the remarks in a companywide email on Wednesday, which CNBC obtained. He told employees that Tesla must “demonstrate continued excellent performance,” and that “long-term, I believe very much that Tesla will be the most valuable company on Earth!”
Tesla shares have fallen about 68% this year, though they rose 3.3% to $112.71 on Wednesday. The stock is down 42% in December and is on track to have its worst month, quarter, and year ever.
Musk has blamed rising interest rates for Tesla’s share price decline. However, critics point to his Twitter acquisition as a bigger reason for the decline, which has wiped out about $675 billion in market capitalization this year as of Wednesday’s close.
Musk thanked Tesla employees in the email for their efforts in 2022, encouraged them to work hard for a strong fourth-quarter finish, and asked them to “volunteer to help deliver” cars to customers before midnight on December 31, if at all possible.
During the final days of most quarters, Tesla enlists employees from across the company to bring new cars to customers in order to meet or exceed stated delivery goals, work that is normally limited to sales and delivery personnel. The company has set a target of 50% year-over-year growth in vehicle deliveries but has warned investors that it may not be met every year.
Musk’s attention has recently been drawn to Twitter. In 2022, the Tesla and SpaceX CEO sold tens of billions of dollars in shares in his electric vehicle company to fund the social media company’s $44 billion buyout.
