Tesla (NASDAQ:TSLA) Inc.’s CEO, Elon Musk, sought to reassure his employees during what he termed as "a little bit of stormy weather," following a more than 50% plunge in the company’s shares over three months. Musk made these comments during an all-hands meeting broadcast late Thursday.
Musk, known for his sense of humor, joked about the media’s portrayal of Tesla, stating that he can’t pass by a television without seeing a Tesla on fire. He also took a jab at his critics, stating that while it’s okay not to buy Tesla’s products, it’s unreasonable to burn them down.
In the meeting, Musk reiterated his long-standing claim that Tesla’s vehicles are on the verge of being capable of self-driving. This claim, which Musk has been making since 2016, states that Tesla’s vehicles are just a software update away from autonomous driving.
Musk encouraged his employees to hold onto their stock, a statement that was met with applause during the event that ran past 10 p.m. local time in Austin. Following the meeting, Tesla shares saw a boost of as much as 2.5% shortly after the start of regular trading on Friday.
The company has faced backlash due to Musk’s role in President Donald Trump’s administration, with protesters targeting Tesla’s showrooms, vehicles, and charging stations in the U.S and across Europe. This backlash has coincided with a drop in sales and shipments in key markets early this year.
Despite these challenges, Musk remained optimistic about Tesla’s future. He mentioned the company’s plans to launch new, more affordable models in the first half of this year. Musk also highlighted the Model Y’s success, stating that it is the best-selling car on Earth.
The Tesla CEO ended the meeting on a positive note, telling his employees that the future is incredibly bright and exciting. He promised that Tesla would do things that no one has even dreamed of. The meeting was described as a "first step for Musk to show he is going to lead Tesla through this tumultuous period" by Wedbush Securities analyst Dan Ives, a longtime Tesla supporter.
Ives had earlier this week issued a rare criticism of Musk, urging him to distance himself from the Trump administration and refocus on Tesla. He warned that the brand damage had escalated into a "tornado crisis moment for Musk and Tesla."