Elon Musk, the CEO of Tesla, encouraged staff not to be “worried by the madness that is going on in the stock market” after shares of Tesla fell by more than 10% on Tuesday, intensifying a selloff that has lasted all year.
CNBC was able to secure a copy of the email that Musk sent out to the entire business on Wednesday, in which he made the comments. He urged employees that Tesla needed to “show ongoing exceptional performance” and that “long-term, I believe very much that Tesla will be the most valuable company on Earth!” He also said that “long-term, I believe very much that Tesla will be the most valuable company on Earth!”
Earlier today, the email was covered by the blog Electrek, which focuses on electric vehicles.
Despite a 3.3% increase on Wednesday, Tesla share prices remain down almost 68% for the year and stand at $112.71 per share. The stock price has dropped by 42% in December, and it is on track to have its worst month, quarter, and year ever in the next few days and weeks.