after Tesla shares drop By more than 10% on Tuesday, deepening a year-old sell-off, CEO Elon Musk told employees not to get too upset about the stock market frenzy.
Musk circulated the comments on Wednesday in a company-wide email, telling employees that Tesla needed to “demonstrate continued outstanding performance,” and that “in the long term, I strongly believe that Tesla will be the most valuable company on Earth.” !”.
Tesla shares have fallen about 68% since the beginning of 2022, although they rose 3.3% on Wednesday to $112.71. However, the stock’s losses in December amounted to 42%, and it is on its way to recording the worst monthly and quarterly performance ever.
Musk has blamed Tesla’s share price drop in part on rising interest rates, but critics point to his acquisition of Twitter as the biggest culprit in the slide that has wiped out about $675 billion from the company’s market value this year as of Wednesday’s close, according to Musk. As reported by CNBC, and reviewed by Al Arabiya.net.
In the email, Musk thanked Tesla employees for their work in 2022, encouraged them to do more for a strong fourth quarter finish, and asked them to “volunteer to help deliver” cars to customers before midnight on Dec. 31.
During the final days of most seasons, Tesla recruits more employees from across the company to deliver new cars to customers in order to reach or exceed delivery targets, work that would normally be limited to people in the sales and delivery teams. The company had aimed for 50% year-on-year growth in car deliveries, but warned investors that it may not meet that target every year.