Tesla will stop hiring and start layoffs

US electric vehicle company Tesla announced in a notice to employees that it has stopped hiring and will lay off some of its employees.

In the news from the American news site Electrek, Tesla, owned by Elon Musk, announced that layoffs will take place in the next quarter. According to a source close to the matter, Tesla has told its employees that it will freeze hiring, confirming that another wave of layoffs is coming in the next quarter.

It’s unclear how extensive the worker measures will be, as Tesla still plans to expand in some production areas. While the company broke new records nearly every quarter, the decline in its shares throughout the year also factored into the decision. Tesla shares have lost 59 percent since April 2022.

LOSES THE TITLE OF THE RICHEST IN THE WORLD

Elon Musk, who recently lost his position as the world’s richest man, reassured Tesla investors by raising the possibility of stepping down as Twitter CEO over the weekend.

Musk also sold $3.6 billion worth of Tesla shares last week. The famous billionaire sold shares of the electric vehicle company this year for an approximate value of 40,000 million dollars.