Elon Musk sends message to Tesla employees with company set to suffer worst month, quarter and year on record
Ali Condon
Featured Image Credit: NASA Photo / REUTERS / Alamy Stock Photo
Elon Musk has shared a message with Tesla employees with the company poised for their worst month, quarter and year on record.
In 2022, Tesla's stock prices dropped by an eye-watering 68 percent from their record high in late 2021.
While the value of some major US companies have dropped this year, the average price drop was about 20 percent.
In the past week alone, Tesla shares dropped by almost 11 percent. Despite stock increasing 3.3 percent yesterday (28 December), the company is still heading for its worst month, quarter, and year on record.
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To make matters worse, CEO Elon Musk is selling off huge chunks of his Tesla shares, further decreasing its value.
In December alone, the billionaire sold off approximately 22 million shares of Tesla, valuing at about $3.6 billion.
While concerned investors and critics are worried that Elon Musk isn't spending enough time tackling Tesla's challenges because he's too focused on Twitter - which he purchased this year for a cool $44 billion - Elon insists that's not the problem.
According to the SpaceX founder, Tesla's share price drop is a result of Federal Reserve rate hikes, and neither staff nor investors should be worried.
In an email to staff seen by Electrek, Elon asked told employees: "Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference!"
He added: "Btw, don't be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognise that.
"Long-term, I believe very much that Tesla will be the most valuable company on Earth!"
Meanwhile, over at Twitter, Elon Musk was effectively voted out of his role as CEO of Twitter after setting up a public poll on the social platform.
"Should I step down as head of Twitter?" he asked users earlier this month. "I will abide by the results of this poll."
After 17.5 million accounts contributed to the vote, 57.5 per cent agreed that Elon should step down.
Since then, he has agreed to step down as CEO of Twitter as soon as he finds 'someone foolish enough to take the job.'
Well, if he did it once...
When that day does come, Elon will instead focus on Twitter's software and servers teams, hopefully leaving him a little more time to focus on Tesla and get things back on track.