Tesla is Reportedly Planning Layoffs
upstart writes:
Tesla investors blame the Twitter lordship:
Elon Musk has reportedly ordered a hiring freeze at Tesla and told his lieutenants at the EV company to brace for a free round of layoffs. According to a report by Electrek, Tesla has already told employees that fresh hirings have been put on hold and that some teams will lose manpower early next year. However, these plans reportedly won't affect Tesla's expansion targets for the coming quarters.
[...] Ever since Musk went public with his $44 billion takeover of Twitter, the price of Tesla stock has tanked, and right now, the company is inching towards its worst quarter ever. Tesla stock has lost over half of its value since April, but Musk continues to assure that the company is doing better than ever. Instead, the billionaire has blamed the downward spiral of Tesla stock on global macroeconomic variables and the feds.
Not everyone is buying Musk's arguments. Fingers are being pointed in his direction at the moment, and from Tesla investors, no less. Ever since Musk disclosed his intentions to run the show at Twitter, concerns were raised that the social media platform will distract him from his duties at Tesla. Back then, Musk promised that won't happen and assured investors that Tesla will always be his top priority.
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