Elon Musk tells Tesla workers to ignore the company's plunging stock price
- Tesla's shares have dropped 70% since the start of this year.
- Still, Elon Musk told Tesla employees Wednesday not to be "bothered by stock market craziness."
Since the start of this year, Tesla's stocks have dropped nearly 70%, with a whopping 40% drop in December alone. Insider's Phil Rosen noted that Tesla was one of the worst-performing stocks on the S&P 500.
Still, Tesla's chief executive Elon Musk told his employees not to be "bothered by stock market craziness" on Wednesday, according to a report from Reuters.
In an email sent to staff on Wednesday — reviewed by Reuters — Musk said he believes that Tesla will be the most valuable company on Earth in the long term.
The drop in Tesla's stock has been linked to concerns over softening demand for electric vehicles and Musk's distraction with Twitter. As the company's net worth has dropped, Musk's fortune has fallen by about $140 billion this year, too.
Tesla did not immediately respond to a request for comment.