At this stage, employees don't own enough for it to be a meaningful percentage. According to Tesla's 2024 10-K annual filing - as of December 31, 2024, total RSUs vested total 18,409,000 which, at today (March 21 2025) have a market value of 4.578B. This is with Tesla having a market cap of just under 800B today (so total RSUs total 0.57% of TSLA)

On the other hand - Wall Street, in aggregate, held around 56.62% of the total Tesla float (float comprises of shares available for trading, i.e. discounting closely held insider holdings, and restricted stock)

And Wall Street generally focuses on results... That's where the stampede has been coming from, and probably will be where it continues once the next quarterly numbers get released, what with the implosion of international demand and competitive marketplace continuing to eat away at Tesla's market share. Tesla even now still trades at a 122 P/E ratio. GE is at 33, Ford is at 6. Gravity will do the rest.

Elon must think it's safe because Trump will find a better way for government to subsidize Tesla