Elon Musk tells Tesla workers to relax despite ‘stock market madness’

Tesla CEO Elon Musk told employees, “We shouldn’t be bothered by the stock market madness,” after the company’s stock fell nearly 70% this year. Softening demand for electric vehicles and musk chill out on twitter.

In an email sent to employees Wednesday and seen by Reuters, he said he believes Tesla will be the most valuable company on the planet in the long run.

He also urged employees to hand over the vehicles at the end of the quarter after the automakers have delivered. Discounts on vehicles in the US and China.

“Please do your best over the next few days and help with deliveries if you can. It will make a real difference!” he said in an email.

Analysts expect Tesla to deliver 442,452 vehicles in the fourth quarter, according to Refinitiv data.

Tesla stock plunge Destroy the value of shares owned by employees of EV manufacturers. Tesla offers stock compensation to most employees, including factory workers.

Tesla shares rallied on Wednesday following a previous day’s 11% drop after Reuters reported that the automaker plans to implement a reduced production schedule at its Shanghai factory in January. The news sparked concerns over falling demand in the world’s largest car market.

“By the way, don’t get too bogged down by the stock market madness. If we continue to perform well, the market will recognize it,” he said.

“I am confident that in the long term, Tesla will be the most valuable company on the planet!”

Analysts at Morgan Stanley have lowered their price target from $330 to $250 and said the past two years of demand exceeding supply “will essentially reverse to a situation where supply exceeds demand” in 2023. said.