Tesla Inc Chief Executive Elon Musk told employees that they should not be “bothered by stock market craziness” after the company’s shares fell nearly 70% this year on jitters over softening demand for electric vehicles and Musk’s distraction with running Twitter. In an email sent to staff, Musk said he believes that long term, Tesla will be the most valuable company on earth.
The Daily Beast reports:
Tesla has been marked down both because of a global softening of demand for electric vehicles, as well as Musk’s self-indulgent decision to spend $44 billion on Twitter—largely paid for by selling Tesla stock. Musk himself has lost the title of “world’s richest man” because of the plummeting Tesla share price.
— Reuters (@Reuters) December 28, 2022