Musk asks Tesla team not to sell their stock despite 40% plunge

by Kara Carlson

Elon Musk sought to reassure Tesla Inc. employees that despite “rocky moments,” they should “hang onto” their stock, in an unannounced all-hands meeting Thursday in Austin, Texas, which the billionaire chief executive streamed live on his social media network X.

“If you read the news, it feels like Armageddon,” he told employees during the meeting, which lasted past 10 p.m. local time. “I can’t walk past a TV without seeing a Tesla on fire. I understand if you don’t want to buy our product, but you don’t have to burn it down.”

The Federal Bureau of Investigation has been investigating a number of incidents where Tesla charging stations and dealerships have been damaged, including fires in Las Vegas, Kansas City and Missouri. 

The vandalism follows a growing backlash against Musk’s role in the Trump administration, with sales down and the automaker’s showrooms and supercharging stations at the center of protests.

Meanwhile, shares in Tesla have plunged more than 40% this year, giving up gains from a stock surge that followed President Donald Trump’s inauguration.

Tesla sales are typically slow in the first quarter, but sales and shipments have dropped precipitously in key markets including Europe and China as Musk faces political pushback. Tesla paused production on the Model Y line earlier in the year to prepare for a refreshed version of its most popular vehicle. The company is also expected to launch new, more affordable EVs in the first half of 2025, but has given little detail.

Trump was even moved to pledge to buy his own Tesla, bringing a parade of the EVs to the South Lawn of the White House. On Thursday, Commerce Secretary Howard Lutnick went on Fox News and urged viewers to buy shares in Musk’s carmaker. “It’ll never be this cheap again,” Lutnick said, in an appearance that prompted questions over whether Lutnick violated federal conflict of interest rules.

“There are times when there are rocky moments, a little bit of stormy weather but I’m here to tell you the future is bright and exciting,” Musk said during the all-hands meeting.

Musk, who has been increasingly betting Tesla’s future on robotics and autonomy, said the company aims to scale production of its future autonomous, pedal less, and steering wheel-less Cybercab to “new heights.”

Dan Ives, a Wedbush Securities analyst and longtime Musk proponent, said the meeting was a “first step for Musk to show he is going to lead Tesla through this tumultuous period.”

Ives this week issued a rare rebuke to Musk, urging the billionaire to pull back from the Trump administration and refocus on Tesla. He warned that the brand damage has escalated into a “tornado crisis moment for Musk and Tesla.”

Musk during the all-hands also mentioned an updated timeline for the humanoid Optimus robot, saying it would be available outside of internal use as early as the second half of 2026, with the first sales going to Tesla employees. The company previously had said Tesla aimed to have the robots available to other companies next year, and internally this year.

When asked by an employee about whether he would get into aviation, Musk said it’s something he’s considered. “I’ve thought about aircraft designs for a long time,” he said, musing on the creation of an eVTOL, an electric vertical take-off and landing. “Maybe we’ll do that.”