The car company is making some tough cuts in the name of profit.
The news: In a company email yesterday (that he then tweeted), Tesla CEO Elon Musk broke the news that about nine percent of the company’s workforce will be let go. According to Electrek, as of March, Tesla had 37,000 employees. That translates to layoffs of around 3,300 workers.
Why? Musk said that the intent is to reduce costs by removing people serving in duplicate roles or in positions that are no longer needed.
Why it matters: The company has shown it’s willing to go to extremes to get things on track. Cash flow in the second half of 2018 will indicate whether these difficult moves were worth it.
The news: In a company email yesterday (that he then tweeted), Tesla CEO Elon Musk broke the news that about nine percent of the company’s workforce will be let go. According to Electrek, as of March, Tesla had 37,000 employees. That translates to layoffs of around 3,300 workers.
Why? Musk said that the intent is to reduce costs by removing people serving in duplicate roles or in positions that are no longer needed.
Why it matters: The company has shown it’s willing to go to extremes to get things on track. Cash flow in the second half of 2018 will indicate whether these difficult moves were worth it.
No comments:
Post a Comment