After Twitter, Elon Musk may be looking at laying off employees at Tesla – Times of India
There seems to be no respite for employees at Elon Musk-owned companies. Almost two months after culling more than 60% of Twitter’s workforce, it appears that job cuts may happen soon at Tesla. According to a report by The Electrek, Tesla is planning to put a hiring freeze and layoffs in the first quarter of 2023. “It’s not clear how extensive the hiring freeze will be as Tesla is still planning to expand in some manufacturing locations,” noted the report by The Electrek.
“Super bad feeling” about the economy
This isn’t the first time in recent months that Tesla has put hiring on freeze, or for that matter, laid off employees. Earlier in June 2023, Elon Musk had written an email to employees where he expressed concern and said that he had a “super bad feeling” about the economy. Following Musk’s email, Tesla put a pause on hiring and laid off 10% of its staff.
However, in October, Tesla lifted the hiring freeze and ramped up its hiring staff. According to a report by Reuters, Tesla had listed as many as 6,900 jobs on its website. “That compares to a 2022 peak of over 7,400 job ads in May, according to data similarly tracked by Thinknum Alternative Data and hedge fund Snow Bull Capital,” the report by Reuters stated.
This time around, the reason for probable layoffs and the hiring freeze has been that Tesla’s stock has been falling throughout the year. However, Tesla has been hitting record numbers almost every quarter. So far, neither Musk nor Tesla has commented on the matter.
Tesla won’t be the first company to announce a fresh round of layoffs. In the last few months, almost every big tech company has announced a series of layoffs. Meta, Amazon, Cisco, Intel, Micron, and HP are some of the big names that have initiated layoffs.
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