These days, it’s normal to hear a big tech company is firing its employees or has frozen hiring at the corporate offices. Google, Apple, Microsoft, and Meta have all taken a similar approach toward employees. Tesla is also joining the bandwagon by laying off hundreds of its workforce. In June, Elon Musk announced that Tesla would lay off 3.5% of its employees in the coming months, and hundreds of workers from the Autopilot team were fired as a result. The EV manufacturer needs to clarify the extent of new layoffs. Still, given what Elon Musk did to Twitter employees, hundreds of Tesla current employees should await receiving their dismissal letters.
Tesla’s stocks are nose-diving while the company sales are on the rise
Back in early October, Tesla announced it had built 365,923 electric vehicles in the third quarter of the year, which shows a 42% growth compared to the same period of the last year. The company could manufacture 237,823 cars in Q3 2021. Meanwhile, some reports suggest that Tesla will soon announce the construction of a new Gigafactory in Mexico. While the company’s sales are skyrocketing, the stock market is going in the opposite direction. Tesla stock faced a 62% reduction this year, and Musk is blaming the Federal Reserve for raising rates. However, some Tesla shareholders believe Elon Musk’s occupation as Twitter CEO since he took over the company was a driving factor in the Tesla crash. They are worried that Musk has put all his focus on Twitter and left Tesla alone. Additionally, Musk’s chaotic management on Twitter caused some Tesla customers to cancel their preorders and leases. Maybe that’s why Elon Musk is now looking for a new CEO for Twitter. Yet, we have to wait and see who will be the new Twitter CEO and whether Musk’s return to Tesla can fix the company’s issues.
