Tesla Lays Off 10% Of Its Workforce

Tesla this week announced a 10% reduction in its workforce, globally. This, perhaps is due to challenging economic times at the company owing to its 31% stock price decline since the start of the year. The cut affects about 14,000 people. Elon Musk empathized with those being let go and said its very difficult to let go, but business circumstances necessitated the reduction. To those not affected, he thanked them in advance for their continued support as they continue to position Tesla for the company’s next phase of growth.