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Tesla reportedly begins hiring freeze and planned layoffs

Tesla reportedly begins hiring freeze and planned layoffs

#Tesla #reportedly #begins #hiring #freeze #planned #layoffs Welcome to InNewCL, here is the new story we have for you today:

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Elon Musk is Tesla's CEO, but he probably hasn't done much management for the electric car company since he's spent all that time tearing Twitter apart.

It’s not just your Twitter feed that’s suffering from Elon Musk. At least one of the billionaire’s other companies doesn’t seem to be doing so well either. According to a report by Electrek, attributed to an unnamed source, Tesla has imposed a new hiring freeze and plans to lay off an unspecified number of employees early next year.

Back in June, Tesla announced an earlier “hiring pause” and forecast a 10% job cut based on Musk’s “super bad feeling” about the economy. Following those reports, the company laid off 200 employees working on its advanced driver assistance feature, Autopilot, in San Mateo, California.

But in the months that followed, Tesla’s hiring efforts rallied. By mid-October, the vehicle maker had nearly 7,000 jobs listed on its website — a 50% increase from June, according to a Reuters report. But the boom didn’t seem to last.

Tesla has faced numerous headwinds over the past year, including federal investigations into the safety of its driver-assistance technology, supply chain bottlenecks, rising battery costs, numerous recalls, consistently missed product dates, a disappointing sales report, and the rather erratic behavior of its CEO.

In recent months, Musk has seemed far more involved in the drama of his Twitter acquisition than in managing the other four companies he is CEO, owner, or founder (SpaceX, The Boring Company, Neuralink, Tesla). . And even some of his biggest supporters are beginning to resent the billionaire’s behavior.

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On Tuesday, major Tesla and Twitter investor Ross Gerber posted a series from tweets Criticism of Musk, implying that Tesla’s board of directors should ditch him and look for new leadership. “Time for a restructure,” he wrote in one post, noting that Tesla is effectively operating without a CEO.

Musk, of course, responded petty via Twitter. “Please tell us about your great ideas, Ross.” he said. “Go back and read your old Securities Analysis 101 textbook,” he wrote in another comeback tweet. Instead of doubling down, Gerber seemed to dry up in the face of reactions from Musk and his ubiquitous online fan club. “Be clear. I love Tesla and support Elon… The purpose of my reaching out is to help as a friend and supporter,” he wrote another tweet before getting off topic.

But the numbers don’t disappear that easily. Tesla Inc. stock is down about 65% this year as of this writing. Some of the biggest drops appear to be related to the timing of Musk’s decisions around Twitter — like his initial purchase offer and many of the erratic and rapid policy changes he’s made to the social platform. Musk’s decisions have also impacted his own worth, cutting billions from his personal wealth. Earlier this month he lost his title of ‘World’s Richest Man’ to LVMH’s Bernard Arnault – slipping to second place in the rankings.

Tesla did not immediately respond to Gizmodo’s request for comment.

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