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Elon Musk tells Tesla employees don’t be 'bothered by stock market craziness'

Tesla shares have plummeted 42% in December and are poised to close out their worst month, quarter and year on record.
Tesla CEO Elon Musk pauses while speaking before unveiling the Model Y at the company's design studio in Hawthorne, Calif., on March 14, 2019.
Elon Musk in Hawthorne, Calif., on March 14, 2019.Jae C. Hong / AP file
/ Source: CNBC.com

After shares of Tesla dipped by more than 10% on Tuesday deepening a year-long selloff, CEO Elon Musk told employees not to be “too bothered by stock market craziness.”

Musk circulated the comments on Wednesday in a companywide email, which CNBC obtained. He told staffers that Tesla needs to “demonstrate continued excellent performance,” and that “long-term, I believe very much that Tesla will be the most valuable company on Earth!”

Electric vehicle blog Electrek reported earlier on the email.

Tesla shares have declined about 68% for the year, though they rose 3.3% on Wednesday to $112.71. The stock is down 42% in December, and is poised to close out its worst month, quarter and year on record.

Musk has blamed Tesla’s declining share price in part on rising interest rates. But critics point to his Twitter takeover as a bigger culprit for the slide, which has wiped out about $675 billion in market cap this year as of Wednesday’s close.

In the email, Musk thanked Tesla employees for their work in 2022, encouraged them to push hard for a strong fourth-quarter finish, and asked them to “volunteer to help deliver” cars to customers before midnight on Dec. 31, if at all possible.

During the last days of most quarters, Tesla enlists employees from all over the company to bring new cars to customers in order to hit or exceed stated delivery goals, work that in normal times is limited to people on the sales and delivery teams. The company has been aiming for 50% year-over-year growth in vehicle deliveries but has cautioned investors it may not meet that target every year.

Musk’s attention has been focused on Twitter of late. The Tesla and SpaceX CEO sold tens of billions of dollars worth of shares in his electric vehicle company in 2022 to finance the $44 billion buyout of the social media company.