Elon Musk told employees at Tesla
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Don’t worry too much about the company’s plunge in the stock market in recent days. “Don’t get too upset about the stock market frenzy,” Musk wrote in an email to employees. “As long as we demonstrate excellent and continuous performance, the market will recognize it. In the long term, I strongly believe that Tesla will be the most valuable company on the planet!”.
The announcements came as an addition to the letter of appreciation to Tesla employees for their hard work over the past year. The electric vehicle manufacturer’s value has plummeted this year amid rising interest rates and Musk’s purchase of the social network Twitter, which took up much of the CEO’s time.
Tesla stock racked up a record streak of seven straight days of losses. The stock lost about 72% of its value this year and 61% in the last three months. The declines pushed Tesla out of the 10 most valuable companies and knocked Musk out of his place as the richest man in the world. The company’s stock is currently trading for $112.7, giving it a market capitalization of $353.2 billion.
In addition to that, about 10,000 Twitter users today reported problems accessing the service, in what appears to be the first widespread malfunction since Musk took over the company. Musk, when asked on Twitter about the problems, tweeted that “it works for me.”
Bearish investors point to the fact that most of Tesla’s liquid money comes from one source – the sale of vehicles. Also, bearish investors believe that the autonomous vehicle market that Tesla introduced to the world, along with its solar energy market, should also enter the equation, which makes Tesla a giant in the technology market in their opinion.
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