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Wow, since reporting what were amazing Q1 earnings back in April, Tesla stock has fallen 35%, and now Elon says he has a "Super Bad Feeling" about the economy. Considering SpaceX tried to raise $1.7B last week and was met with resistance from the markets, and Tesla's China production for Q2 is likely to be 50% below Q1. Now Musk says Tesla wants to cut 10% of their workforce, which for a growth company, with a lot of development promises hanging out there, it does not seem like the time to be cutting, unless demand is crashing? Are we really in deep trouble with the economy? or is this more related to Tesla, and their growth ambitions? Or is this a smoke screen for something else (trying to weasel out of twitter deal)
For a growth company trading on a valuation more rooted in future growth than current business, major staff cuts and drama are not a good thing.
www.reuters.com
For a growth company trading on a valuation more rooted in future growth than current business, major staff cuts and drama are not a good thing.
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Exclusive: Elon Musk wants to cut 10% of Tesla jobs
Tesla CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails seen by Reuters.