Elon Musk asks Tesla employees to ‘hang onto’ stock despite 40% drop

In an unannounced all-hands meeting Thursday in Austin, Texas, which was streamed live on his social media platform X, Elon Musk urged Tesla employees to "hang onto" their company stock despite the "rocky moments" the prices are going through. "If you read the news, it feels like Armageddon," he said.

"I can't walk past a TV without seeing a Tesla on fire," he added. "I understand if you don't want to buy our product, but you don't have to burn it down." This comes as the US Federal Bureau of Investigation (FBI) has been looking into a number of incidents where Tesla charging stations and dealerships have been vandalized, including fires started in Las Vegas, Kansas City, and Missouri.

One of the reasons for the backlash is the conflicts of interest. Trump pledged to buy his own Tesla, bringing a parade of them to the South Lawn of the White House and on Thursday, Commerce Secretary Howard Lutnick went on Fox News, urging viewers to buy Tesla shares. On top of this, sales are also slowing, with shipments dropping in key markets including Europe and China as Musk faces political pushback.