Tesla CEO Elon Musk Announces Layoffs of Over 10% of Global Workforce in Cost-Cutting Move

  • 3 months ago
Tesla CEO Elon Musk sent a company-wide email announcing layoffs of "more than 10%" of Tesla's global workforce, estimated to be at least 14,000 employees. Musk cited the need to control costs and boost productivity as Tesla prepares for its next growth phase. The layoffs come after Tesla significantly missed delivery estimates in Q1 2024 and saw a rare year-over-year sales decline, mainly due to struggles in China. Analysts still estimate Tesla will turn a Q1 profit of $0.50 per share despite challenges, though guidance has been more modest growth.