Tesla To Lay Off 9% Of Workforce
Tesla founder Elon Musk took to Twitter to explain to the world that Tesla is laying off approximately 9% of its workforce. The pioneering automaker is seeking to turn a profit or at least show the world its intends to eventually be profitable.
Tesla still has $2.7 billion of cash in the bank at the end of Q1 after a loss of $784 million. Crucially the lay offs will not include workers building the back logged Model 3.
Here is Musk’s Tweet, followed by an email sent by Musk to the Tesla workforce:
Difficult, but necessary Tesla reorg underway. My email to the company has already leaked to media. Here it is unfiltered: pic.twitter.com/4LToWoxScx
— Elon Musk (@elonmusk) June 12, 2018