Tesla shares fell 42% in December and are poised to close out their worst month, quarter and year on record.
After Tesla shares fell more than 10% on Tuesday, ending a year-long selloff, CEO Elon Musk told employees “. Not to get too caught up in the stock market frenzy.”
Musk made the comments Wednesday in a companywide email, obtained by CNBC. He told staff that Tesla needed to “continue to show great performance”. And that “long term, I strongly believe that Tesla will be the most valuable company on earth!”
Electric vehicle blog Electrek reported earlier in the email.
Tesla shares are down about 68% for the year, though they rose 3.3% to $112.71 on Wednesday. The stock fell 42% in December and is poised to close out its worst month, quarter and year on record.
Musk blamed Tesla’s falling stock price on rising interest rates. But critics point to its Twitter takeover as a major culprit for the slide , which wiped off about $675 billion in market cap. This year as of Wednesday’s close.
In the email, Musk thanked Tesla employees for their work in 2022, encouraged them to work. Hard to finish the fourth quarter and asked them to “voluntarily” deliver cars to customers before midnight on December 31, if not possible.
In the last days of most quarters, Tesla enlists all company employees to meet. Or exceed stated delivery goals to bring new cars to customers, Elon Musk tasks. That are normally limited to people on the sales and delivery teams. The company is aiming for a 50% year-on-year growth in car deliveries. But has warned investors that it may not meet that target every year.
Musk’s attention has been focused on Twitter of late. The Tesla and SpaceX CEO sold several billion dollars worth of shares in his electric vehicle company in 2022. To finance a $44 billion buy of the social media company.