Tesla CEO Elon Musk attended a surprise Tesla all-hands meeting on Thursday evening to encourage workers and supply updates on Tesla’s work. On the assembly, Musk urged staff to “cling on” to their inventory, describing the inventory plunge as “stormy climate.”
Prior to now three months, Tesla inventory has plunged more than 50%, erasing $700 billion in market worth and inflicting CEO Elon Musk to lose over $100 billion in internet value.
“There are occasions when there are rocky moments, a bit little bit of stormy climate, however what I am right here to inform you is the longer term is extremely shiny and thrilling,” Musk informed workers on the assembly, which was livestreamed on X. “And we will do issues that nobody has ever dreamed of.”
Tesla all-hands dwell presentation
https://t.co/jQOt6WB2LN— Elon Musk (@elonmusk) March 21, 2025
Musk started the assembly by thanking Tesla workers for his or her work and itemizing a number of achievements: Tesla has produced over seven million automobiles globally since launching its first car in 2008 and is on observe to surpass 10 million subsequent yr; Mannequin Y was the best-selling vehicle on this planet in 2023, with 1.22 million models offered globally (and Musk predicted it could even be the best-selling automobile this yr); and the work-related harm price at Tesla has additionally declined over time.
He additionally famous the corporate stays one of many top places to work, per Business Insider.
Musk mentioned that “general, it is good” at Tesla, although “in the event you learn the information, it looks like Armageddon.”
Associated: Elon Musk Announces the ‘Cybercab’ and Other Surprises at Tesla’s ‘We, Robot’ Event. Here’s What to Know.
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 targeting Tesla vehicles and facilities. The Justice Division on Thursday announced charges towards three different people who lit Tesla automobiles 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 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in wasteful spending, although critics say the mathematics to again up that determine is filled with accounting errors, outdated information, and different errors, per the New York Times.
Musk didn’t discuss 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 note 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 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 current losses, Musk stays the wealthiest individual on this planet with a internet value of $311 billion at time of writing.
