Tesla CEO Elon Musk attended a shock Tesla all-hands assembly on Thursday evening to encourage staff and supply updates on Tesla’s work. On the assembly, Musk urged staff to “hold on” to their inventory, describing the inventory plunge as “stormy climate.”
Up to now three months, Tesla inventory has plunged greater than 50%, erasing $700 billion in market worth and inflicting CEO Elon Musk to lose over $100 billion in web value.
“There are occasions when there are rocky moments, a bit of little bit of stormy climate, however what I am right here to inform you is the longer term is extremely shiny and thrilling,” Musk instructed staff on the assembly, which was livestreamed on X. “And we will do issues that nobody has ever dreamed of.”
Tesla all-hands reside presentation
https://t.co/jQOt6WB2LN— Elon Musk (@elonmusk) March 21, 2025
Musk started the assembly by thanking Tesla staff for his or her work and itemizing a number of achievements: Tesla has produced over seven million automobiles globally since launching its first automobile in 2008 and is on observe to surpass 10 million subsequent yr; Mannequin Y was the best-selling automobile on this planet in 2023, with 1.22 million models bought globally (and Musk predicted it might even be the best-selling automobile this yr); and the work-related harm fee at Tesla has additionally declined over time.
He additionally famous the corporate stays one of many prime locations to work, per Enterprise Insider.
Musk mentioned that “general, it is good” at Tesla, although “in the event you learn the information, it appears like Armageddon.”
Musk mentioned that he could not stroll previous a TV with out seeing a Tesla on fireplace, commenting on the latest wave of crime throughout the nation concentrating on Tesla automobiles and amenities. The Justice Division on Thursday introduced costs towards three different people who lit Tesla automobiles and charging stations on fireplace in Oregon, Colorado, and South Carolina.
The actions are in response to Musk’s position in President Donald Trump’s administration as the top of the Division of Authorities Effectivity (DOGE), per Bloomberg. DOGE says it has minimize $55 billion in wasteful spending, although critics say the mathematics to again up that determine is stuffed with accounting errors, outdated information, and different errors, per the New York Occasions.
Musk didn’t talk about his involvement with DOGE on the assembly, however joked that lighting a Tesla on fireplace was “a bit unreasonable.”
Wedbush Securities analyst Dan Ives wrote in a word on Friday that the all-hands assembly was a show of Musk’s management.
“This was a key second for Musk and Tesla to indicate management and he did,” Ives wrote.
Ives suggested Musk to take a step again from DOGE and concentrate on Tesla. The analyst famous that Musk’s work with DOGE was turning Tesla right into a “political image.”
Tesla shares have fallen from a document excessive of $479.86 on Dec. 17 to $233.06 earlier than the beginning of buying and selling on Friday.
Regardless of the latest losses, Musk stays the wealthiest individual on this planet with a web value of $311 billion at time of writing.
