The call comes as Tesla shares have fallen 51% since mid-December 2024, amid growing opposition to Musk’s political activities and hate for Tesla electric cars.
Billionaire Elon Musk and US President Donald Trump sit in a Tesla Model S on the South Lawn of the White House on March 11 – Photo: AFP
According to the Financial Times (FT) on March 21, billionaire Elon Musk is urging employees at Tesla to hold on to the electric car company’s shares, reassuring that the company’s future is “incredibly bright”.
Meanwhile, Tesla’s sales are falling sharply and the company is also affected by CEO Musk’s political activities.
FT said that Mr. Musk’s unusual exchange with Tesla employees took place right after Commerce Secretary Howard Lutnick called on Fox News viewers to buy Tesla.
The above calls were made in the context of Tesla’s shares falling 51% since mid-December 2024.
“If you read the news, it’s like the end of the world,” Tesla CEO reassured employees at a meeting late on March 20 (US time).
“I understand you don’t want to buy our products, but stop burning them. Stop being crazy,” billionaire Musk said, referring to the increasing incidents of vandalism against Tesla vehicles.
According to FT, Tesla and its dealers are the target of many protests in Europe and the US. Mr. Musk is being protested for cutting staff in the US federal government, when he was an adviser to US President Donald Trump and also the de facto leader of the US Government Efficiency Board (DOGE).
Tesla’s sales in recent months have also plummeted in some of Europe’s leading markets, while demand for car stickers with the content “I bought this before Elon went crazy” on Amazon has skyrocketed, reflecting the opposition of many people to Mr. Musk.
Tesla has recently faced multiple legal investigations related to Mr. Musk’s statements about the capabilities of the driver assistance system.
On March 20, Tesla had to recall more than 46,000 Cybertrucks in the US to replace the exterior panel, which could fall off while the vehicle was running.
Defending billionaire Musk, President Trump on March 21 said that the recent vandalism targeting electric vehicles and other Tesla properties was more harmful than the riot at the Capitol on January 6, 2021. Mr. Trump emphasized that the alleged attackers of Tesla should be considered “terrorists”.
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