Tesla CEO Elon Musk attended a surprise Tesla all-hands meeting on Thursday night time to encourage staff and supply updates on Tesla’s work. On the assembly, Musk urged employees to “cling on” to their inventory, describing the inventory plunge as “stormy climate.”
Up 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 web 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 long run is extremely brilliant and thrilling,” Musk informed staff on the assembly, which was livestreamed on X. “And we’ll 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 car in 2008 and is on observe to surpass 10 million subsequent yr; Mannequin Y was the best-selling vehicle on the planet in 2023, with 1.22 million items offered globally (and Musk predicted it will even be the best-selling automotive this yr); and the work-related damage fee at Tesla has additionally declined over time.
He additionally famous the corporate stays one of many top places to work, per Business Insider.
Musk stated that “total, it is good” at Tesla, although “when you learn the information, it seems like Armageddon.”
Associated: Elon Musk Announces the ‘Cybercab’ and Other Surprises at Tesla’s ‘We, Robot’ Event. Here’s What to Know.
Musk stated that he could not stroll previous a TV with out seeing a Tesla on fireplace, 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 autos and charging stations on fireplace 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 reduce $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wasteful spending, although critics say the mathematics to again up that determine is stuffed with accounting errors, outdated information, and different errors, per the New York Times.
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 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 indicate management and he did,” Ives wrote.
Ives suggested Musk to take a step again from DOGE and give attention to 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 planet with a web value of $311 billion at time of writing.
