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Elon Musk tells Tesla staff to chill out despite ‘stock market craziness’

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Tesla Chief Executive Elon Musk told employees that they shouldn’t be “bothered by stock market craziness” after the corporate’s shares fell nearly 70% this yr on jitters over softening demand for electric vehicles and Musk’s distraction with running Twitter.

In an email sent to staff on Wednesday and reviewed by Reuters, he said he believes that long-term, Tesla might be the most dear company on earth.

He also urged employees to make a push to deliver vehicles at the tip of this quarter, after the automaker has offered discounts to its vehicles in the US and China.

“Please go all out for the following few days and volunteer to assist deliver if in any respect possible. It would make an actual difference!” he said in the e-mail.

Analysts expect Tesla to deliver 442,452 vehicles within the fourth quarter, in line with Refinitiv data.

Tesla’s plummeting share price hurt the worth of shares owned by the EV maker’s employees. Tesla has offered stock compensation for many employees, including factory staff.

“Please go all out for the following few days and volunteer to assist deliver if in any respect possible. It would make an actual difference!” Elon Musk said in the e-mail.AFP via Getty Images

Tesla shares rebounded on Wednesday, following a slump of 11% the day gone by after Reuters reported the automaker planned to run a reduced production schedule in January at its Shanghai plant. The news sparked worries of a drop in demand on the planet’s biggest automobile market.

“Btw, don’t be too bothered by stock market craziness. As we exhibit continued excellent performance, the market will recognize that,” he said.

“Long-term, I think very much that Tesla might be the most dear company on Earth!”

Tesla electric carTesla has offered stock compensation for many employees, including factory staff.REUTERS

Morgan Stanley analysts cut their price goal on the stock to $250 from $330, saying the last two years of demand exceeding supply might be “substantially inverted to produce exceeding demand” in 2023.

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