Telling people to calm down always helps them calm down, right?
Tesla's stock price hit a two-year low this week, but company CEO Elon Musk doesn't seem too concerned according to an email that went out to employees and was obtained by Sky News. "Btw, don't be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that," Musk said. "Long-term, I believe very much that Tesla will be the most valuable company on Earth!"
As of this writing, Tesla stock can be purchased around around $120, down from just under $400 per share earlier in 2022. The stock price has not dipped this low since August 2020 during the height of the coronavirus pandemic. Over the course of this year, Tesla's share price has decreased by around 70%.
Tesla has employed several tactics to help boost deliveries at the end of the year. These include a hefty discount on the Tesla Model 3 and Tesla Model Y (delivered before the end of December), and 10,000 free Supercharging miles. Elsewhere in the email, Musk even asks Tesla employees to personally help move units. "Please go all out for the next few days and volunteer to help deliver if at all possible. It will make a real difference," Musk requested.
Though it's likely only a piece of Tesla's recent struggles, many investors blame Elon Musk's recent acquisition of Twitter for the stock price slide. Musk has tweeted about several controversial topics and laid off nearly half of Twitter's workforce since taking over the company. Some believe that Musk is spending too much time on Twitter, which could explain why the billionaire started a poll asking if he should step down as head of the company.
Despite claiming "I will abide by the results of this poll," Musk has not left his position at Twitter following a 57.5% to 42.5% vote.
Tesla delivered a record 343,830 units in the first three quarters of 2022, but still fell short of revenue projections due to raw material cost increases and supply chain delays. Some investors also worry that Tesla sales could slow down with added competition in the electric vehicle market.
Tesla has reportedly dispatched a team from China to help the US factories improve output. Cybertruck production is rumored to begin in late 2023 (after repeated delays), which could rescue Tesla from its current woes.