Tesla CEO Elon Musk attended a shock Tesla all-hands assembly on Thursday night time 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 price.
“There are occasions when there are rocky moments, somewhat little bit of stormy climate, however what I am right here to let you know is the long run is extremely brilliant and thrilling,” Musk informed staff on the assembly, which was livestreamed on X. “And we will do issues that nobody has ever dreamed of.”
Tesla all-hands stay 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 autos globally since launching its first automobile in 2008 and is on monitor to surpass 10 million subsequent 12 months; Mannequin Y was the best-selling automobile on the earth in 2023, with 1.22 million items offered globally (and Musk predicted it could even be the best-selling automobile this 12 months); and the work-related damage 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 “should you learn the information, it appears like Armageddon.”
Musk mentioned that he could not stroll previous a TV with out seeing a Tesla on hearth, commenting on the current wave of crime throughout the nation concentrating on Tesla autos and amenities. The Justice Division on Thursday introduced fees towards three different people who lit Tesla autos and charging stations on hearth in Oregon, Colorado, and South Carolina.
The actions are in response to Musk’s function in President Donald Trump’s administration as the pinnacle 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wasteful spending, although critics say the mathematics to again up that determine is stuffed with accounting errors, outdated information, and different errors, per the New York Instances.
Musk didn’t talk about his involvement with DOGE on the assembly, however joked that lighting a Tesla on hearth was “a bit unreasonable.”
Wedbush Securities analyst Dan Ives wrote in a be aware on Friday that the all-hands assembly was a show of Musk’s management.
“This was a key second for Musk and Tesla to point out management and he did,” Ives wrote.
Ives suggested Musk to take a step again from DOGE and deal with Tesla. The analyst famous that Musk’s work with DOGE was turning Tesla right into a “political image.”
Tesla shares have fallen from a file excessive of $479.86 on Dec. 17 to $233.06 earlier than the beginning of buying and selling on Friday.
Regardless of the current losses, Musk stays the wealthiest particular person on the earth with a web price of $311 billion at time of writing.