“No Choice,” Says Elon Musk: Tesla To Fire 7% Of Employees Despite Record Numbers
Tesla CEO Elon Musk said his company would be laying off around seven percent of its workers last Friday, announcing the news in an email. The road ahead for the company is "very difficult," he said in the email, as the "tiny profit" he hopes to gain this quarter is unable to justify the 30 percent expansion in the company's workforce last year.
After slicing prices by $2,000 this month and posting sales that were less than expected from the last quarter of the previous year, the company's value in the stock market dropped. Musk lamented that "our products are too expensive for most people." In addition, he told Tesla employees the company must "work harder" to compete with car...