Tesla shares drop nearly 6% after Musk cuts about 500 jobs in Supercharger team
Publishing timestamp: 2024-04-30 18:55:43
Summary
Tesla is laying off 500 employees from its Supercharger team and slowing down the expansion of its U.S.-based Supercharger network. CEO Elon Musk is pushing for more job cuts and reorganization at Tesla, impacting key executives. The layoffs are part of a cost-cutting measure following a drop in revenue. The company did not warn investors or charging network partners about the pullback in plans. Musk still plans to grow the Supercharger network, but at a slower pace with a focus on uptime. The decline in Tesla's stock on Tuesday followed a rally on Monday after news of a deal with Baidu in China for mapping tech for future self-driving software.
Sentiment: NEGATIVE
Keywords: elon musk, general motors co, ford motor co, climate, technology, tesla inc, autos, business news, baidu inc,