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Thndr Claps » U.S. Claps » Tech 📲 » Tesla shares dip as Musk announces job cuts🚗

Tesla shares dip as Musk announces job cuts🚗

by Shams Abbas
June 4, 2022

The Clap
Shares of Tesla closed over 9% down, last Friday, after its CEO Elon Musk announced plans to cut 10% of jobs, as well as freeze hiring.

The deets
The news came in an email titled “pause all hiring worldwide,” just a couple of days after Musk sent out a memo to Tesla staff saying that remote work will no longer be accepted.
Musk has a “super bad feeling about the economy”, an opinion shared by others.

Why this matters
According to Tesla’s latest annual report, the EV maker employs almost 100k people, meaning layoffs would amount to ~10k individuals.

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