Tesla CEO Elon Musk sent an end-of-year memo to employees of the electric vehicle company on Thursday night, thanking them for their hard work over the course of the year. As was the case last year, he implored them to volunteer to deliver last-minute cars to customers.
In the letter, Musk told employees, “Don’t be too bothered by stock market craziness.” He doubled down on his belief that Tesla will become the world’s most valuable company in a few years’ time.
The “stock market craziness” that Musk is referring to is the significant decline in share price that Tesla has experienced over the course of 2022. With the company’s stock down nearly 70% for the year, many employees are expressing concern due to being paid with stock-based compensation. Musk remains adamant that this decline is largely due to rising rates being set by the Federal Reserve in response to inflation.
Since announcing his bid to acquire Twitter in April, Musk has unloaded $40 billion of stock in Tesla. With demand also flailing, Tesla found itself having to slash prices in the United States and China in an effort to boost sales.