In June, Tesla owner Elon Musk said he would cut about 10% of his salaried workforce over the next three months.
Adding to a long list of layoffs, Tesla has announced that the company will freeze jobs and begin layoffs in the next quarter. This news was first reported by electric car news website Electrek.
So far, Tesla has declined to comment for the matter, but despite the news, Tesla shares were up 1% ahead of today’s bell.
This news comes at a time when Tesla investors are already worried about Elon’s purchase of Twitter. Investors believe that Musk is now spending more time on Twitter than he should and that the lack of focus is negatively affecting Tesla and its growth.
Those worries also helped Tesla’s stock price hit a one-year low. Stock market analysts have started cutting Tesla’s price targets due to concerns about slowing demand from China.
However, this isn’t the first time Tesla has hinted at layoffs or layoffs. In June, Tesla CEO Musk announced that he would cut about 10% of his salaried workforce over the next three months.