Elon Musk attempted to reassure Tesla employees of the automaker’s “bright and exciting” future at a company all-hands meeting on Thursday, urging them not to sell their stock even as the company’s valuation slides precipitously downward.

“There are times when there are rocky moments,” the billionaire CEO told his employees. “But what I’m here to tell you is that the future is incredibly bright and exciting, and we’re going to do things that no one has even dreamed of.”

During the meeting, which was broadcast on X, Musk urged employees to “hang on” to their stock in the face of a 50% drop in share prices. Tesla has borne the brunt of the backlash against the tech executive’s role in Donald Trump’s administration. In the months since Trump named Musk the head of what he calls the “department of government efficiency” (Doge), the world’s richest person has dismantled entire federal agencies, canceled contracts across bureaus that had any mention of diversity, equity and inclusion, and made a gesture at a rally that his estranged daughter called “definitely a nazi salute” in an interview this week.

In response, Tesla owners are attempting to sell their vehicles; the company’s stock price has plummeted and Teslas around the country have been vandalized – some even set on fire with Molotov cocktails. The Vancouver International Auto show announced earlier in the week it had removed the company from the lineup for its upcoming showcase over security concerns as the protests against Musk spread.

“If you read the news, it feels like Armageddon,” Musk said. “I understand if you don’t want to buy our product, but you don’t have to burn it down. That’s a bit unreasonable.”

The day before, Tesla issued a recall for its newest model, the Cybertruck, a trapezoidal steel vehicle that has failed to capture consumers. The company is recalling some 46,000 vehicles, nearly all of the Cybertrucks it has ever sold since the model started shipping last year. The recall was related to a part called a cant rail – a stainless-steel exterior trim panel – delaminating and detaching from the vehicle, the company said, which can become a road hazard and increase the risk of crashes. As a remedy, Tesla will replace the rail assembly free of charge.

Even longtime financial backers of the company are lamenting Musk’s chaotic political turn and Tesla’s subsequent poor performance.

“The brand damage started off as limited … but now has spread globally over the last few weeks into what we would characterise as a brand tornado crisis moment for Musk and Tesla,” wrote Dan Ives, managing director at the US financial firm Wedbush and a self-described Tesla “core bull”.

Musk’s plea to employees is just the latest attempt to shore up stock prices and vehicle sales. Earlier this month, Musk joined Trump in front of the White House to promote the vehicles and their vast technological capabilities. Trump announced he would buy one.

During the all-hands, Musk made the same claim he’s been making since 2016 and told employees that Tesla vehicles will be able to drive autonomously at some point, a point he made at the October unveiling of the Tesla Cybercab, a proposed self-driving taxi.

“What I’m saying is hang on to your stock,” Musk said.