Musk urges Tesla employees not to worry about the value of the company’s shares

After Tesla’s stock fell more than 10%, CEO Elon Musk urged employees in his pre-New Year letter to employees “not to worry too much about the craziness in the stock market.” informs The CNBC that accessed the post.

“Don’t worry too much about the craziness in the stock market. As we continue to deliver excellent performance, the market will recognize this. I believe that in the long run, Tesla will become the most valuable company on Earth,” Musk told Tesla employees.

Tesla rose 3.3% in Wednesday trading after falling for the last seven consecutive sessions. On December 27, their quotes fell in price by 11.4% after Reuters reportedthat the company plans to reduce the production schedule at its Shanghai plant in January 2023.

At the beginning of 2022, Tesla was valued at $1.2 trillion. Since then, its capitalization has decreased by more than $ 800 billion. One of the reasons for the deterioration of Tesla’s financial position was first lockdowns in China, which led to a halt or reduction in production at the company’s factories in the country, and then the abolition of all restrictions and the record growth that followed. morbidity. Another factor was Elon Musk’s acquisition of the social networking site Twitter — he sold $31 billion in Tesla shares to finance the deal.