Elon Musk, CEO of Tesla Inc (TSLA.O), advised employees that they should not be “bothered by stock market madness” after the company’s shares plunged about 70% this year due to concerns about slowing demand for electric vehicles and Musk’s obsession with Twitter.
Musk stated in an email written to colleagues on Wednesday and accessed by Reuters that he believes Tesla will be the most valuable firm on the planet in the long run.
He also asked employees to increase deliveries before the end of the quarter, after the automaker’s offer of discounts on its vehicles in the United States and China.
“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.
According to Refinitiv statistics, analysts anticipate Tesla to deliver 442,452 vehicles in the fourth quarter.
Tesla’s share price decline has reduced the value of shares owned by the EV maker’s employees. Tesla has provided equity compensation to the majority of its employees, including factory workers.
The stock recovered on Wednesday after falling 11% the previous session on a Reuters story that the manufacturer planned to run a reduced production schedule at its Shanghai factory in January. The report raised concerns about a decline 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 cut their price target on the stock to $250 from $330, saying the last two years of demand exceeding supply will be “substantially inverted to supply exceeding demand” in 2023.
