Electric vehicle maker’s share price has fallen nearly 70 percent this year, but CEO says it will still be “the most valuable company on Earth!”
Tesla boss Elon Musk has told staff not to worry about “stock market craziness” after the company’s share price fell by 70 percent over the past year. Tesla has been marked down both because of a global softening of demand for electric vehicles, as well as Musk’s self-indulgent decision to spend $44 billion on Twitter—largely paid for by selling Tesla stock.
“Btw, don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that,” Musk wrote in an email to employees seen by Reuters. “Long-term, I believe very much that Tesla will be the most valuable company on Earth!” Musk himself has lost the title of “world’s richest man” because of the plummeting Tesla share price.
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