Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team [MSNBC.com]
Tesla, Inc. (TSLA)
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Source: MSNBC.com
Tesla shares fell nearly 6% on Tuesday following news that CEOElon MuskThe stock closed at $183.28 and is now down 26% for the year.According toThe InformationSeveral employees whose roles were cut and one person who is still working at Tesla in California confirmed with CNBC the details of the ongoing reorganization, asking to remain unnamed to discuss sensitive issues. Other laid-off Tesla employees posted publicly about Tesla shrinking the Supercharger team.In cutting that group, Tesla revealed it's throttling the expansion of its Supercharger network in the U.S. The move comes after Tesla struck partnerships withFordGMThe layoffs now underway are part of a massive cost-cutting measure by Tesla following a 9% drop in revenue in the first quarter this year, the steepest year-over-year decline since 2012. Profits were cut in half during the first three months of 2024 as Tesla discounted cars and issued incentives to spur demand.Current and former employees told CNBC that Tesla began
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TSLA
Sec Filings
- 5/21/24 - Form PX14A6G
- 5/20/24 - Form DEFA14A
- 5/20/24 - Form PX14A6G
- TSLA's page on the SEC website