Elon Musk told Tesla employees in a brand new email that they need to “not be too bothered by stock market craziness” although the worth has been in free fall for the last 12 months.
After an entire 12 months of virtually straight nonstop decline, now down 69% year-to-date, Tesla’s stock has been a outstanding subject of discussions amongst EV investors.
But there’s one other group of those that is being significantly negatively affected by the drop in price and hasn’t been talked about much: Tesla employees.
A component of their compensation is made up of stock options, and when the worth drops 69% in a single 12 months, that’s going to have an effect – each financial and on morale.
Today, Electrek obtained an email Elon Musk sent to all Tesla employees to thank them for his or her labor. In it he also told staff to “not be too bothered by stock market craziness”:
Btw, don’t be too bothered by stock market craziness. As we show continued excellent performance, the market will recognize that.
He also again reiterated that he believes Tesla will probably be the most dear company on earth long-term.
The CEO also again asked employees to go “all out” for the top of the quarter:
Please go all out for the following few days and volunteer to assist deliver if in any respect possible. It’ll make an actual difference!
The e-mail comes as Tesla is attempting to empty out its inventory before the top of the 12 months. As we reported last week, it’s working, however the automaker had to supply deep discounts to make it occur.
Obviously, this is simple to say for a billionaire who has sold billions of dollars’ price of the corporate’s stock during the last 12 months – significantly contributing to the decline.
Also, I’d note that Elon has often used the indisputable fact that Tesla offers stock options to all staff to say that Tesla’s compensation is healthier than anyone within the auto industry. If you happen to are going to say that, you possibly can’t really tell employees to “not be bothered” by the stock price when it’s falling like a rock.
Tesla’s focus should undoubtedly be on execution and never the stock price, but there’s something that feels fallacious a couple of billionaire who’s partly liable for the stock price falling telling non-rich people working for him who’re affected by price declines to only ignore it.
But that’s par for the course recently as Elon seems to not be very self-aware nowadays.
Also, the whole reason that Elon is asking employees to go “all out” at the top of the quarter is because of “stock market craziness.” He himself admitted that these end-of-quarter pushes are inefficient, however it does look higher on the balance sheet at the top of the quarter when there are not any cars on inventory.