Renowned entrepreneur Elon Musk, the CEO of Tesla, faced a 5% drop in Tesla’s stock value due to recent reports of additional layoffs within the company.
These job cuts affected high-ranking executives responsible for the charging infrastructure division.
This decline offset some of the gains made the day before, which were fueled by optimism surrounding Musk’s unexpected visit to China.
Tesla’s shares plummeted by 5.5% following Musk’s announcement of more layoffs, including the dismissal of two top executives.
As of 1:40 p.m. in New York, Tesla’s stock was trading 4.7% lower at approximately $185 per share, erasing some of the gains from the previous day.
Reports indicated that the layoffs included Rebecca Tinucci, in charge of charging infrastructure, and Daniel Ho, overseeing vehicle programs and new products.
Approximately 500 employees from Tinucci’s division are expected to be let go, along with reductions in Tesla’s public policy team.
2024-04-30 21:48:15
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