Tesla Cuts 10% of Workforce, VP Resigns as Shares Fall 4%
April 15 2024 - 2:42PM
IH Market News
Tesla Inc. (NASDAQ:TSLA) is reducing over 10% of its global
workforce, according to an internal email sent by CEO Elon Musk on
Monday.
He said the company carried out a “thorough review of the
organization” and that the decision will “enable us to be lean,
innovative and hungry for the next growth phase cycle.” He added
that Tesla is developing “some of the most revolutionary
technologies in auto, energy and artificial intelligence” and
thanked the remaining employees in advance for the “difficult job
that remains ahead.”
At the end of 2023, Tesla had 140,473 employees. The automaker’s
stock has lost over 31% of its value this year, compounded by
weak delivery figures for the first quarter.
Tesla shares plummet over 4% during the trading session.
Tesla’s senior VP Baglino resigns
Tesla Inc.’s Senior Vice President of Powertrain and Energy
Engineering Drew Baglino on Monday revealed that he decided to
leave the company after 18 years.
“I made the difficult decision to move on from Tesla after 18
years yesterday. I am so thankful to have worked with and learned
from the countless incredibly talented people at Tesla over the
years,” Baglino said in a post on X, formerly known as Twitter.
Baglino joined the electric carmaker in 2006 as a junior
electric engineer and in October 2019 he was appointed senior vice
president.
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