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Tesla CEO Elon Musk attended a surprise Tesla all-hands meeting on Thursday night to encourage employees and provide updates on Tesla’s work. At the meeting, Musk urged workers to “hang on” to their stock, describing the stock plunge as “stormy weather.”
In the past three months, Tesla stock has plunged more than 50%, erasing $700 billion in market value and causing CEO Elon Musk to lose over $100 billion in net worth.
“There are times when there are rocky moments, a little bit of stormy weather, but what I’m here to tell you is the future is incredibly bright and exciting,” Musk told employees at the meeting, which was livestreamed on X. “And we’re going to do things that no one has ever dreamed of.”
Tesla all-hands live presentation
https://t.co/jQOt6WB2LN— Elon Musk (@elonmusk) March 21, 2025
Musk began the meeting by thanking Tesla employees for their work and listing several achievements: Tesla has produced over seven million vehicles globally since launching its first car in 2008 and is on track to surpass 10 million next year; Model Y was the best-selling vehicle in the world in 2023, with 1.22 million units sold globally (and Musk predicted it would also be the best-selling car this year); and the work-related injury rate at Tesla has also declined over time.
He also noted the company remains one of the top places to work, per Business Insider.
Musk said that “overall, it’s good” at Tesla, though “if you read the news, it feels like Armageddon.”
Musk said that he couldn’t walk past a TV without seeing a Tesla on fire, commenting on the recent wave of crime across the country targeting Tesla vehicles and facilities. The Justice Department on Thursday announced charges against three other individuals who lit Tesla vehicles and charging stations on fire in Oregon, Colorado, and South Carolina.
The actions are in response to Musk’s role in President Donald Trump’s administration as the head of the Department of Government Efficiency (DOGE), per Bloomberg. DOGE says it has cut $55 billion in wasteful spending, though critics say the math to back up that figure is full of accounting errors, outdated data, and other mistakes, per the New York Times.
Musk did not speak about his involvement with DOGE at the meeting, but joked that lighting a Tesla on fire was “a bit unreasonable.”
Wedbush Securities analyst Dan Ives wrote in a note on Friday that the all-hands meeting was a display of Musk’s leadership.
“This was a key moment for Musk and Tesla to show leadership and he did,” Ives wrote.
Ives advised Musk to take a step back from DOGE and focus on Tesla. The analyst noted that Musk’s work with DOGE was turning Tesla into a “political symbol.”
Tesla shares have fallen from a record high of $479.86 on Dec. 17 to $233.06 before the start of trading on Friday.
Despite the recent losses, Musk remains the wealthiest person in the world with a net worth of $311 billion at time of writing.
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