TSLA: Tesla Shares Rise After Internal Email Reveals 10% of Staff Has Been Laid Off

More than 14,000 people at Tesla have been laid off as part of Elon Musk’s cost-cutting measures aimed at increasing productivity.

• Tesla has fired over 14,000 employees.
• Shares perk up in pre-market trading.
• EV maker reports earnings on April 23.
• Tesla stock TSLA jumped roughly 1% in pre-market trading Monday morning after a troubling message landed in employees’ email boxes. The world’s largest EV maker said in a company-wide email that it has decided to lay off “more than 10%” of its global workforce, or about 14,000 employees.
• Tesla CEO Elon Musk, who signed off on the announcement with “Thanks, Elon,” said that the headcount reduction will “enable us to be lean, innovative and hungry for the next growth phase cycle.” He started off by noting that the rapid growth has led to “duplication of roles and job functions in certain areas.”
• Tesla currently employs about 140,000 people worldwide. While the exact layoff number is not yet clear, it is likely below a previously anticipated 20% chunk. With that, Tesla is hoping to get to a better place after terrible delivery numbers for the first quarter. The EV company is on deck to report earnings next Tuesday, April 23.