With a cumulative drop of nearly 70% this year, Musk told Tesla employees not to be bothered by the madness of the stock market.

CTOnews.com, December 29 (Reuters)-Tesla CEO Elon Musk (Elon Musk) told employees that they should not be "bothered by the madness of the stock market," according to Reuters.

Tesla's share price has fallen nearly 70 per cent this year on concerns about weak demand for electric cars and Mr Musk's distractions from running Twitter.

In an email to employees on Wednesday local time, Musk said he believes Tesla will be the most valuable company on the planet in the long run. He also urged employees to try to deliver vehicles by the end of the quarter after Tesla offered discounts on vehicles in the United States and China.

"Please go all out in the next few days and volunteer as much as possible to help. This will have a real impact." "by the way, don't care too much about the madness of the stock market," Musk said in an email. "when we show continued excellent performance, the market will realize this."

The collapse in Tesla's share price has hurt the value of shares held by employees of the electric carmaker. Tesla offered stock compensation to most employees, including factory workers.

CTOnews.com learned that Tesla's share price rebounded on Wednesday, a day after Tesla's plan to cut production at its Shanghai plant in January sent the company's share price down 11 per cent.