Tesla Cuts 10% of Global Workforce

[BannedByTMC]

2018:
Tesla to cut 9% of jobs in ‘difficult but necessary’ reorganization
https://www.cnbc.com/2018/06/12/tesla-to-cut-about-9-percent-of-jobs-across-company-report.html
2022:
Exclusive: Elon Musk wants to cut 10% of Tesla jobs
https://www.reuters.com/technology/...cut-staff-by-10-pauses-all-hiring-2022-06-03/

 

[Bkent100]

2018:
Tesla to cut 9% of jobs in ‘difficult but necessary’ reorganization
https://www.cnbc.com/2018/06/12/tesla-to-cut-about-9-percent-of-jobs-across-company-report.html
2022:
Exclusive: Elon Musk wants to cut 10% of Tesla jobs
https://www.reuters.com/technology/...cut-staff-by-10-pauses-all-hiring-2022-06-03/

Very different maco-environment now though…most investment analyst recognize this… the days of milk and honey are likely over. Short of a miracle breakthrough in fsd or optimis, likely focus will be on managing expenses.

 

[pricedm]

I'm bummed for the hard-working and dedicated Tesla employees who lost jobs today.

Disappointed to see Elon's musing on X (today of all days!) about nonsense like birth rates in Greece, National Public Radio, Dogecoin...while Tesla employees deal with the aftershock of this massive layoff, while others deal with loss of job.

2024 feels like the year of "EV doubters" in full swing. Road/Track (or Car/Driver) and numerous mainstream media spouting nonsense about "plug in hybrids are the best of both worlds" crap, FUD about FSD, etc.....

I sure hope Rivian, Lucid, and Tesla survive 2024 and can rebound.

 

[tingmo13]

next big cuts when Optimuses work on the factory floor but big saving: no health insurance, sick pay, maternity/paternity leave, call ins, vacation etc. On the hindsight Americans do not have to work 24/7.

 

[g7bupw9z]

You must work for Tesla executive management… lol

No.

I wish I did though. I've already got my CTs (If I were)!

 

[Tedacules]

May cause a dip but they've done this a few times in the past, Elon thinks regular staffing cuts are needed to avoid bloat, he's probably correct.

Elon:

Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth there has been duplication of roles and job functions in certain areas. As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity.

As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle.

I would like to thank everyone who is departing Tesla for their hard work over the years. I'm deeply grateful for your many contributions to our mission and we wish you well in your future opportunities. It is very difficult to say goodbye.

For those remaining, I would like to thank you in advance for the difficult job that remains ahead. We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence. As we prepare the company for the next phase of growth, your resolve will make a huge difference in getting us there.

Thanks,

Elon

Buy the Dip!

 

[Crissa]

They need to do something! Stock is down 35% from beginning of year.

This isn't going to help.

-Crissa

 

[JBee]

Only one way the economy can go atm, and stocks like Tesla. Model 2 might be on the chopping block as well now. EM is thinning out for what's coming next globally.

Best investments are in essentials like food, fuel and gold/silver to store wealth.

 

[BannedByTMC]

Best investments are in essentials like food, fuel and gold/silver to store wealth.

I guess you think some worldwide disaster is about to happen? Doomers are always wrong...

 

[BannedByTMC]

SpaceX won the contract to receive billions in tax payer funds for a so far failed space program initiative.

You have got to be joking if you think SpaceX has "failed".

 

[JBee]

I guess you think some worldwide disaster is about to happen? Doomers are always wrong...

No just ignorant self involved people that can't read simple market graphs or notice world events around them are wrong. Bad things are already happening...if you bother to have a look. Worse than usual for sure.

Have you seen gold? Have you seen Tesla stocks? Walmart?

ah right...

 

[BannedByTMC]

Have you seen gold? Have you seen Tesla stocks? Walmart?

What do they have to do with each other? Over the last 2-5 years or so gold and Walmart have basically been tracking with the market, Tesla is down for many reasons, some of which are specific to Tesla. Seriously what do you think is going to happen that you can't get food or fuel? And where do you think you'll be driving to in this apocalypse? Maybe things are a lot worse down under than the US.

 

[JBee]

What do they have to do with each other? Over the last 2-5 years or so gold and Walmart have basically been tracking with the market, Tesla is down for many reasons, some of which are specific to Tesla. Seriously what do you think is going to happen that you can't get food or fuel? And where do you think you'll be driving to in this apocalypse? Maybe things are a lot worse down under than the US.

Um they have a lot to do with eachother.

For example how your food gets made, processed and distributed is directly proportional to fuel prices. That's because fertiliser is made from fossil fuel, farm machinery run on fuel etc, etc. and make up the primary cost of it.

Fuel restriction through war in the middle east means higher prices for worldwide food.

USD is being debased as default world currency, from nutty inflation.
Hence BRICS as a countermeasure by emerging economies.

Tesla does not add value here, as it doesn't meaningfully impact fuel use or food price.
There's are reason they are "future markets", in that the prices are projected into the future, and as such Tesla currently has lost it's short term potential.

Gold is always an indicator of volatility, feel free to look at it's history and how they relate to events.

 

[BannedByTMC]

I think I misunderstood when you said food, fuel and gold, I thought you meant to stock up on them at home as if an apocalypse was coming.

 

[JBee]

I think I misunderstood when you said food, fuel and gold, I thought you meant to stock up on them at home as if an apocalypse was coming.

Well if the market position is true, then stocking up at home probably isn't a bad idea either? Be that to overcome the short term price rise whilst supply chains stabilize, or so you have a buffer if the shortages are longer term. Of all the risks, probably the most consequential one, and you're going to eat it anyway, so why not. Rather store it at home and not have to shop so often, it's a huge time save too. 50 years ago this was normal behavior throughout human history.

Convenience has utterly destroyed redundancy, and with it resilience to supply issues.
We drive 1000km round trip, to only go shopping once a month.

BTW I hear the new world currency, which is more valuable than our current one, will be toilet paper, so maybe it's time to stock up on that first so we have something tangible to trade!

I have bidets instead so I don't need trees to finish my business, better for the environment, and the septic's don't fill up with tree fibers, which is why you also need sewage treatment plants or to pump the septic. Let alone the amount of water the US literally flushes down the dunny with their floating fishbowl toilet designs. We do the same flush in liters as you do in gallons.

To put that in perspective, that is nearly a 100million people worth of fresh water that is flushed in the USA using the same usage profile, and about 500million people in Africa/Asia who would desperately need it. Think about that next time you flush.

As I said, there's lots of money "promoting" systems that can be done more sustainably, use less and therefore cost less, but also make less money for those obsessed with profit over all else. Which in turn profit is the only thing that is deemed "financeable" with artificial debt that steals from our combined futures. So it's difficult to finance a system that consumes less at all.

Our current worldwide system of resource allocation is pretty crap to be honest.