NBC News reports that following a 10 percent drop in Tesla’s stock price on Tuesday, CEO Elon Musk sought to reassure employees with a company-wide email, obtained by CNBC, in which he encouraged them not to be “too bothered by stock market craziness.”
Musk emphasized the importance of the company continuing to “demonstrate continued excellent performance” and expressed his belief that “long-term, I believe very much that Tesla will be the most valuable company on Earth!” These comments come amid a year-long decline in the company’s stock price.
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Breitbart News recently reported that despite a 3.3 percent increase to $112.71 on Wednesday, Tesla’s stock price has declined by approximately 68 percent for the year. In December alone, the stock has dropped by 42 percent and is on track to end the month, quarter, and year with its worst performance on record. These declining stock prices have likely contributed to the concerns expressed by Musk in his email to employees.
Musk has attributed some of the decline in Tesla’s stock price to rising interest rates, but critics have pointed to his active use of Twitter as a more significant factor contributing to the company’s slide. The stock’s decline has resulted in a loss of approximately $675 billion in market capitalization as of Wednesday’s close.
In his email to employees, Musk expressed gratitude for their efforts in 2022 and encouraged them to work hard to achieve a strong finish for the fourth quarter. He also requested that they “volunteer to help deliver” cars to customers before the end of the year, if possible.
As the end of most quarters approaches, Tesla typically enlists employees from all departments to assist with delivering new vehicles to customers in order to meet or exceed stated delivery goals. This practice is usually limited to employees on the sales and delivery teams, but during the last few days of the quarter, the company tends to expand its efforts.
Read more at NBC News here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan