In mid-December, the stock price of the company plummeted by more than 50% from its peak levels. Tesla's shares closed at approximately $236 on Thursday, significantly lower than the $479 closing price they reached in December.
During an informal gathering on Thursday night, Musk expressed concern over the negative news coverage, noting the sensational focus on Tesla fires whenever he turned on the TV. The company has been grappling with a decrease in sales and facing challenges related to Musk's work with the White House DOGE office, leading to a decline in its stock value in recent weeks. Tesla has also faced protests and vandalism at its showrooms nationwide.
At an all-hands meeting with employees, Musk alluded to the ongoing turmoil surrounding Tesla's stock price while discussing the company's aspirations in autonomous driving technology.
The highlights from the Tesla all-hands meeting include Musk updating the safety records, delivery figures, and progress in autonomous driving and robotics in the first half of the meeting, followed by an open session for employees to ask questions.
The offbeat timing of the meeting, held at the Texas Gigafactory, followed criticisms directed at Musk for not prioritizing Tesla enough. Musk encouraged investors to retain their shares and emphasized the potential of projects like the Cybercab and Optimus robots to enhance the company's value.
During the meeting, Musk directed the operations team to focus on scaling up production of the Cybercab and highlighted the innovative manufacturing process involved in its production. He also discussed plans to build Optimus robots, envisioning producing a legion of robots this year and possibly ten legions next year.
Despite criticisms and concerns about his political involvement and workload, Musk remained focused on productivity. He acknowledged juggling multiple responsibilities across his various companies and his involvement with the White House DOGE office.
Overall, the meeting provided insights into Tesla's ongoing projects, commitments, and challenges, showcasing Musk's determination to drive innovation and success across his ventures.