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Elon Musk sought to reassure Tesla Inc. employees during what he referred to “a little bit of stormy weather,” after the carmaker’s shares plunged more than 50% in just three months.
“If you read the news, it feels like Armageddon,” Musk said during a meeting broadcast late Thursday on X. The chief executive officer joked that he can’t walk past a television without seeing a Tesla on fire, then mocked his detractors. “I understand if you don’t want to buy our product, but you don’t have to burn it down. That’s a bit unreasonable.”
“What I’m saying is hang on to your stock,” Musk said, pausing for applause.
Tesla shares fell as much as 1.4% to $233.06 before the start of regular trading Friday. The stock has plummeted from a record high of $479.86 on Dec. 17.
“How are we doing on popularity? Well, we actually literally make the best-selling car on Earth, of any kind,” Musk said of the Model Y.
Tesla has said it will launch new, more affordable models in the first half of this year, but has offered little detail about what those vehicles will be.
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