Elon Musk is asking Tesla workers to disregard the inventory market insanity

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 game show in Los Angeles, California June 13, 2019.

Mike Blake | Reuters

After shares of Tesla CEO Elon Musk, who slumped more than 10% on Tuesday and deepened a year-long selloff, told employees not to “worry too much about the stock market frenzy.”

Musk shared the comments in a company-wide email obtained by CNBC on Wednesday. He told employees that Tesla must “continually demonstrate excellence” and “over the long term, I firmly believe Tesla will be the most valuable company in the world!”

Electric vehicle blog Electrek previously reported by email.

Tesla shares are down about 68% for the year, although they are up 3.3% to $112.71 on Wednesday. The stock is down 42% in December and is about to wrap up its worst month, quarter, and year on record.

Musk has partially attributed Tesla’s falling share price to rising interest rates. However, critics point to his Twitter acquisition as a bigger culprit for the slide that wiped out a market cap of about $675 billion this year as of Wednesday’s close.

In the email, Musk thanked Tesla employees for their work in 2022, encouraged them to push hard for a strong end to the fourth quarter, and asked them to “volunteer to help build cars before midnight am.” Deliver to customers December 31” if at all possible.

During the last days of most quarters, Tesla recruits employees from across the company to get new cars to customers to meet or exceed stated delivery goals, work that’s limited to employees on the sales and delivery teams in normal times . The company is targeting 50% annual growth in vehicle deliveries, but warns investors it may not meet that goal every year.

Musk’s attention has been focused on Twitter lately. The CEO of Tesla and SpaceX sold tens of billions of dollars in shares in his electric vehicle company in 2022 to fund the social media company’s $44 billion acquisition.

Here’s the text of the email Musk sent to Tesla employees on Wednesday:

By: Elon Musk

For each

Subject Last few days

Date: December 28, 2022 [Time Stamp removed]

Just a quick message to thank you for your hard work and congratulations on an exceptional accomplishment in 2022!

As we have many cars that arrive at the last minute it is important to collect hard and do whatever we can to get our cars to customers who have ordered them before midnight on December 31st. Also, every incremental car we produce can also timely delivery matters.

Please make every effort in the next few days and help with the delivery if possible. It will make a real difference!

Thanks,

Elon

By the way, don’t let the stock market frenzy worry you too much. As we continue to excel, the market will recognize it. In the long term, I firmly believe that Tesla will be the most valuable company in the world!

SEE: Musk’s vision has always been bigger than just cars