Tesla chief executive Elon Musk told employees they shouldn’t be ‘bothered by the stock market madness’ after the company’s shares fell nearly 70% this year due to jitters over slowing demand for electric vehicles and distracting Musk with the use of Twitter.
In an email sent to staff on Wednesday and reviewed by Reuters, he said he believed Tesla would be the world’s most valuable company in the long term.
He also urged employees to make an effort to deliver vehicles at the end of this quarter, after the automaker offered discounts on its vehicles in the United States and China.
“Please do everything for the next few days and volunteer to help deliver if possible. It will make a real difference! he says in the email.
Analysts expect Tesla to deliver 442,452 vehicles in the fourth quarter, according to Refinitiv data.
Tesla’s falling share price hurt the value of shares held by the electric vehicle maker’s employees. Tesla offered stock compensation to most employees, including factory workers.
Tesla shares rebounded on Wednesday, following an 11% plunge the previous day after Reuters reported the automaker plans to run a reduced production schedule in January at its Shanghai plant. The news raised concerns about a drop in demand in the world’s biggest car market.
“By the way, don’t be too bothered by the stock market madness. As we demonstrate continued excellent performance, the market will recognize that,” he said.
“Long term, I firmly believe that Tesla will be the most valuable company on Earth!”
Morgan Stanley analysts cut their price target on the stock to $250 from $330, saying the past two years of demand exceeding supply will be “substantially reversed to supply exceeding demand” in 2023.