![]() All things considered, it is not particularly surprising that the Tesla stock price forecast is bearish in the short term. Interestingly, the reason for the poor performance was not necessarily due to bad business results at Tesla, as the automobile manufacturer delivered 300,000 cars in Q1 2022 at an impressive 19%Ī recent report by Yahoo Finance attributes Tesla’s poor performance to Musk himself, whose “volatile behavior,” which includes various Twitter escapades and Dogecoin remarks, is making investors nervous. Tesla stock had its worse yearly performance so far in 2022, losing more than 70% over the course of the year. ![]() However, the exact scope of these cuts remains unclear. SourceĪccording to an Electrek report from late last month, Tesla is preparing for another wave of headcount cuts in the first quarter of 2023, which have apparently already been communicated internally. 25) will showcase the exact scope of 2022 layoffs. The next earnings report (slated for Jan. Tesla’s workforce had grown to nearly 100,000 between 20. Abrupt job cuts prompted 500 workers from Tesla's Gigafactory 2 to file a class action lawsuit, accusing the company of breaking federal law by not providing 60 days of advance notice. Meanwhile, Musk wanted to see an increase in hourly workers. June layoffs targeted primarily salaried workforce. In addition to the roughly 10% reduction in the workforce, the electric car manufacturer enacted a hiring freeze as well. At the time, an internal company email was leaked to Reuters, which showed that Musk’s decision was driven by the fear of recession and a “super bad feeling” about the economy. Sources: Statista, Yahoo Finance, Macrotrends Tesla layoffs: After 10,000 employees were let go in 2022, a new wave of layoffs is coming in Q1 2023įollowing June 2022 instructions given to Tesla’s executives by Elon Musk, Tesla layoffs impacted 10,000 workers in total. With the high-interest rate environment set to persist throughout 2023, and the broader negative economic climate, Elon Musk has already hinted that both companies could be looking at additional headcount reductions this year.īefore we dive further, let’s examine recent job cuts at Tesla and Twitter and their respective business results in the past year. Meanwhile, Tesla layoffs in 2022 have also been shrouded in controversy, with some employees filing lawsuits over the company’s failure to provide advance notice of the job cuts. ![]() Moreover, some of them find out about their contracts being terminated via Slack and Twitter platforms. Twitter layoffs in 2022 have been especially controversial, as Musk decided to fire half of all Twitter employees soon after his takeover of the social media giant. Most extreme of which have been massive job cuts. This has forced executives to resort to cost-reduction measures. Under the leadership of tech billionaire Elon Musk – who saw his fortune diminish by an astonishing $212 billion since November 2021 – both companies have been struggling to meet earning expectations in light of a souring economy. ![]() Tesla and Twitter have been facing hard times in recent months. ![]()
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