Musk to Tesla staff — “Crushed like a soufflé under a sledgehammer”
Company-wide email warning that Tesla's high stock price masked thin ~1% profitability, urging cost discipline.
At a time like this, when our stock is reaching new highs, it may seem as though spending carefully is not as important. This is definitely not true. When looking at our actual profitability, it is very low at around 1% for the past year. Investors are giving us a lot of credit for future profits, but if, at any point, they conclude that's not going to happen, our stock will immediately get crushed like a soufflé under a sledgehammer! […] In order to make the electric revolution happen, we must make electric cars, stationary batteries and solar affordable to all.
Thanks and great working with you as always,
Elon