Early morning, on the 15th, Jameson Dow from Electrek reported that Tesla informed employees that they are laying off 10% of their staff. A memo from CEO Elon Musk was leaked, stating, “We have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally.”
This news comes a few days after the U.S. Bureau of Labor Statistics released its 1st quarter report, with positive results for the employment situation in the U.S. While the unemployed continue to be told the situation is strong, and many jobs are available, many still struggle. Tesla is just one of many companies laying off employees this year, as cuts continue throughout 2024.
Tesla stock (TSLA) started the year just below 248/share, and as of 4/15 shares have dipped to 161. Reports of Tesla pausing sales of the Cybertruck bring more trouble to the company. The company has had mixed discussions regarding the strength of the organization, as CEO Musk has claimed that the Cybertruck is their best product, and outpacing expected sales, meanwhile layoffs and product delays, unfortunately, have caused ambiguity to the company.
Meanwhile, inflation is a continued problem in the U.S., as Jeff Cox from CNBC reported that consumer pricing is 3.5% higher than last year. With so much uncertainty in the economy and job market, it’s as important as ever to continue to be cautious about your spending habits. If you’re interested in how to create a simple plan for having secure finances, you can find it here!
