Tesla Inc (TSLA.O) CEO Elon Musk told workers that they should not be “bothered by stock market craziness” after the company’s shares lost nearly 70% in 2022 on jitters over waning demand for electric vehicles and Musk’s distraction with running Twitter.
In an email addressed to staff on Wednesday and reviewed by Reuters, Musk said he believes that long term, Tesla will be the most valuable company on earth.
He also encouraged employees to boost deliveries at the end of this quarter, after the automaker offered discounts on its vehicles in China and the United States.
“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.
Analysts expect Tesla to distribute 442,452 vehicles in the current quarter, according to Refinitiv data.
Tesla’s falling share price has weighed on the value of shares owned by the EV maker’s workers. Tesla has offered stock compensation for the bulk of its employees including factory workers.
Buy Crypto NowThe company’s shares recovered on Wednesday, following an 11% drop in the previous session on a Reuters report that the automaker planned to implement a reduced production schedule next month at its Shanghai plant. The news raised worries about a fall in demand in the world’s largest car market.
“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!”
Morgan Stanley analysts lowered their price target on the stock to $250 from $330, saying the last two years of demand surpassing supply will be “substantially inverted to supply exceeding demand” in 2023.
