June 23, 2024

Elon Musk Urges Tesla Employees to Ignore Falling Stock Prices

Tesla CEO Elon Musk has told his employees not to be concerned about the company’s falling stock prices, which have declined nearly 70% this year due to softening demand for electric vehicles and Musk’s distractions with running Twitter. In an email sent to staff, Musk urged employees to ramp up deliveries at the end of the current quarter and offered reassurance that the company’s long-term performance would be recognized by the market. Analysts predict that Tesla will deliver 442,452 vehicles in the fourth quarter, according to Refinitiv data. The company’s stock rebounded on Wednesday following a drop in the previous session due to concerns about reduced production at Tesla’s Shanghai plant in January. Morgan Stanley analysts have lowered their price target for the stock to $250 from $330.

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