Since Musk went public with his $44 billion takeover of Twitter, the price of Tesla stock has tanked, and right now, it’s headed towards its worst quarter ever.
Elon Musk has reportedly ordered a hiring freeze at Tesla and told his lieutenants at the EV company to brace for a free round of layoffs. According to a report by Electrek, Tesla has already told employees that fresh hirings have been put on hold and that some teams will lose manpower early next year. However, these plans reportedly won’t affect Tesla’s expansion targets for the coming quarters.
This latest upheaval — if it’s true — marks the second time that Tesla is shaving off the headcount. In June this year, Tesla put a temporary pause on fresh hirings and also moved ahead with laying off 10% of its staff. Unfortunately, the report doesn’t mention which departments are the worst affected as part of the latest resource rejig at Tesla, and why exactly these cost-cutting measures are being implemented in the first place. However, a quick look at Tesla’s continuously falling stock prices in the past few quarters may offer a hint.
