'There Is Nothing I Hate More,' Elon Musk Tells Employees As Tesla Said To Be Laying Off Over 14,000 Workers To Slash Costs (UPDATED)
Portfolio Pulse from Anan Ashraf
Tesla Inc (NASDAQ:TSLA) is reportedly laying off over 10% of its workforce, amounting to at least 14,000 employees, as part of a cost reduction strategy and to eliminate job function duplications, according to a company-wide email from CEO Elon Musk.

April 15, 2024 | 10:39 am
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Tesla Inc is laying off over 14,000 employees to reduce costs and eliminate job function duplications, aiming for a leaner, more innovative phase of growth.
The announcement of significant layoffs at Tesla Inc is likely to have a negative short-term impact on the company's stock price. Layoffs of this magnitude can be perceived as a sign of financial distress or a slowdown in growth, which may shake investor confidence. Additionally, the news could lead to negative public perception and potential disruptions in operations, further affecting the stock's performance.
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