In the letter, Musk told employees, “Don’t be too bothered by stock market craziness.” He doubled down on his belief that Tesla will become the world’s most valuable company in a few years’ time.

The “stock market craziness” that Musk is referring to is the significant decline in share price that Tesla has experienced over the course of 2022. With the company’s stock down nearly 70% for the year, many employees are expressing concern due to being paid with stock-based compensation. Musk remains adamant that this decline is largely due to rising rates being set by the Federal Reserve in response to inflation.

Since announcing his bid to acquire Twitter in April, Musk has unloaded $40 billion of stock in Tesla. With demand also flailing, Tesla found itself having to slash prices in the United States and China in an effort to boost sales.

The post Musk Tells Employees Not to Worry About “Stock Market Craziness” appeared first on theprimarymarket.com.

The San Mateo, California, office was focused on evaluating data from Autopilot driver-assistance features and had around 350 workers. One hundred fifty of them managed to keep their jobs after being relocated to a nearby facility. According to Bloomberg, the majority of the employees that have been let go were on hourly contracts.

The move caused Tesla stock (TSLA) to take a 3.47 percent dip on Wednesday. The TSLA is currently trading at $673.89 per share compared to $1,199.78 in January 2022.

The move doesn’t come as a surprise considering that Tesla’s CEO Elon Musk previously announced a series of layoffs amid the rising costs, surging inflation, and looming recession. In an interview with Bloomberg in early June, Musk said that 10 percent of Tesla’s salaried employees would become jobless in the next three months.

Tesla was on a hiring spree in recent years as it looked to further strengthen its position as the leader in the electric vehicles industry. It is estimated that the company has 100,000 employees globally.

The post Tesla Closes an Office in California, Lays Off 200 Autopilot Employees appeared first on theprimarymarket.com.

In the letter, Musk told employees, “Don’t be too bothered by stock market craziness.” He doubled down on his belief that Tesla will become the world’s most valuable company in a few years’ time.

The “stock market craziness” that Musk is referring to is the significant decline in share price that Tesla has experienced over the course of 2022. With the company’s stock down nearly 70% for the year, many employees are expressing concern due to being paid with stock-based compensation. Musk remains adamant that this decline is largely due to rising rates being set by the Federal Reserve in response to inflation.

Since announcing his bid to acquire Twitter in April, Musk has unloaded $40 billion of stock in Tesla. With demand also flailing, Tesla found itself having to slash prices in the United States and China in an effort to boost sales.

The post Musk Tells Employees Not to Worry About “Stock Market Craziness” appeared first on theprimarymarket.com.

The San Mateo, California, office was focused on evaluating data from Autopilot driver-assistance features and had around 350 workers. One hundred fifty of them managed to keep their jobs after being relocated to a nearby facility. According to Bloomberg, the majority of the employees that have been let go were on hourly contracts.

The move caused Tesla stock (TSLA) to take a 3.47 percent dip on Wednesday. The TSLA is currently trading at $673.89 per share compared to $1,199.78 in January 2022.

The move doesn’t come as a surprise considering that Tesla’s CEO Elon Musk previously announced a series of layoffs amid the rising costs, surging inflation, and looming recession. In an interview with Bloomberg in early June, Musk said that 10 percent of Tesla’s salaried employees would become jobless in the next three months.

Tesla was on a hiring spree in recent years as it looked to further strengthen its position as the leader in the electric vehicles industry. It is estimated that the company has 100,000 employees globally.

The post Tesla Closes an Office in California, Lays Off 200 Autopilot Employees appeared first on theprimarymarket.com.