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Watch: Why Tesla’s big layoffs happened, and what comes next

TechCrunchTechCrunch · 6m
Watch: Why Tesla’s big layoffs happened, and what comes next

Tesla experienced layoffs and executive departures, leading to a decline in its share price. The company cut around 10% of its workforce, affecting approximately 14,000 employees. Furthermore, two prominent executives also resigned. This news caused Tesla's stock value to decrease by 35% this year. Tesla has faced challenges such as missing delivery estimates, reducing hours for Cybertruck production, and facing competition in the Chinese market. With the global auto market being competitive, Tesla's high valuation is based on investors' expectations of its growth in the electric vehicle and energy sectors. However, recent events may indicate a shift towards a more traditional company trajectory for Tesla.

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