Tesla reportedly plans layoffs amid Elon Musk Twitter chaos
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on Dec. 1, 2020, in Berlin.
Pool/Getty ImagesAmid the ceaseless chaos on Twitter these few weeks, it’s easy to overlook the goings-on of Tesla, the electric car tech venture that brought Elon Musk to global notoriety.
As first reported by Electrek on Wednesday, Tesla is planning layoffs and implementing a hiring freeze in the next fiscal quarter — though the extent of the layoffs remain unclear. This potential round would follow layoffs conducted in June, when Tesla cut about 10% of its salaried staff.
Tesla shares fell to a two-year low, TechCrunch notes, of just over $137 Tuesday. Musk has openly sparred with Tesla investors and major venture capitalists, who have seemingly grown weary of his Twitter antics. “Tesla stock price now reflects the value of having no CEO,” Ross Gerber, a prominent Tesla investor, tweeted Tuesday. Musk, not one to back down, told Gerber, “Go back and read your old Securities Analysis 101 textbook.”
This spat — plus the report of the impending layoffs — comes after a particularly hectic few days in Musk’s Twitter. After a Twitter poll did not go his way, Musk confirmed via a tweet that he will step down as Twitter’s chief executive “as soon as I find someone foolish enough to take the job,” but will still “run the software & servers teams.” Musk’s allegations that a stalker was following his child X Æ A-12 — the basis of his decision to ban accounts tweeting about publicly available real-time data and suspend high-profile journalists who criticized the move — appear more complicated than Musk’s account and are currently under investigation. Police in South Pasadena (where a police report was filed) say that a member of Musk’s security detail is a suspect in a separate incident.
Tesla stocks are currently hovering at $140 per share as of Wednesday afternoon.
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on Dec. 1, 2020, in Berlin.
Amid the ceaseless chaos on Twitter these few weeks, it’s easy to overlook the goings-on of Tesla, the electric car tech venture that brought Elon Musk to global notoriety.
As first reported by Electrek on Wednesday, Tesla is planning layoffs and implementing a hiring freeze in the next fiscal quarter — though the extent of the layoffs remain unclear. This potential round would follow layoffs conducted in June, when Tesla cut about 10% of its salaried staff.
Tesla shares fell to a two-year low, TechCrunch notes, of just over $137 Tuesday. Musk has openly sparred with Tesla investors and major venture capitalists, who have seemingly grown weary of his Twitter antics. “Tesla stock price now reflects the value of having no CEO,” Ross Gerber, a prominent Tesla investor, tweeted Tuesday. Musk, not one to back down, told Gerber, “Go back and read your old Securities Analysis 101 textbook.”
This spat — plus the report of the impending layoffs — comes after a particularly hectic few days in Musk’s Twitter. After a Twitter poll did not go his way, Musk confirmed via a tweet that he will step down as Twitter’s chief executive “as soon as I find someone foolish enough to take the job,” but will still “run the software & servers teams.” Musk’s allegations that a stalker was following his child X Æ A-12 — the basis of his decision to ban accounts tweeting about publicly available real-time data and suspend high-profile journalists who criticized the move — appear more complicated than Musk’s account and are currently under investigation. Police in South Pasadena (where a police report was filed) say that a member of Musk’s security detail is a suspect in a separate incident.
Tesla stocks are currently hovering at $140 per share as of Wednesday afternoon.
