Musk sees no problem in the sharp drop in Tesla shares

Elon Musk, who recently became the owner of the social network Twitter, addressed his employees with a New Year's Eve message. The entrepreneur advised not to worry about a sharp drop in the company's shares.

«Don't be concerned about the craziness in the stock market. We continue to show excellent results, the market recognizes this. I believe that in the long run Tesla will become the most expensive company in the world,» Musk wrote in his address.

This year, Tesla shares have lost 68% of their value. Since the beginning of December, the shares have fallen by 42% (after the problems that arose on Twitter against the background of Musk's tenure as head of the company), demonstrating the maximum drop in its history for a month, quarter and year.

Elon Musk himself attributes the fall in stocks to the negative impact of the tightening of the monetary policy of the US Federal Reserve System. However, many experts point to the actions of the businessman himself, who this year actively reduced his stake in Tesla to raise funds to finance the purchase of Twitter Inc.

Meanwhile, according to the results of Wednesday's trading, the shares of the electric car manufacturer rose by 3.3% after falling for the last seven consecutive sessions (the longest period of decline since September 2018).