Fired Tesla Workers Still Love Elon Musk

Cornelia Mascio
Giugno 14, 2018

It's possible this was a strategic move on Musk's part to reaffirm to workers and critics alike that he's still optimistic about the future of the company - an important signal as Tesla works to hit crucial production targets of its next-generation Model 3 electric vehicle.

Musk also said that Tesla had decided not to renew a residential sales agreement with Home Depot, and would focus instead on selling its solar products through its own stores and website.

On Tuesday, Musk told Tesla employees the company was cutting 9% of its workforce. "Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are hard to justify today", the email reads. The stock had foundered over the past year amid setbacks in meeting production targets for the Model 3, Tesla's first affordable electric auto with a starting price of $35,000.

The layoffs mean there likely will not be more job cuts in the near-term, said Efraim Levy, analyst at CFRA Research, adding that Tesla will likely raise capital early in 2019. He thanked departing employees for their hard work and said Tesla is providing "significant salary and stock vesting" to those being let go, based on their length of service.

Prior to these purchases, Musk owned 33.7 million shares of Tesla, about 19.8% of the company.

SpaceX founder Elon Musk smiles at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. "We will never achieve [our] mission unless we eventually demonstrate that we can be sustainably profitable", he wrote in the letter. He said most Tesla employees working at Home Depot will be offered a chance to move to Tesla retail locations. It can easily top $50,000 with options.

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