TESLA $TSLA - April 8th, 2024TESLA NASDAQ:TSLA - April 8th, 2024
BUY/LONG ZONE (GREEN): $181.00 - $208.50
DO NOT TRADE/DNT ZONE (WHITE): $162.00 - $181.00
SELL/SHORT ZONE (RED): $135.00 - $162.00
Weekly: Bearish
Daily: DNT - Lean Bearish
4H: DNT
NASDAQ:TSLA has been trading through a clean range for about a month now. There was strong bearish momentum that ran through my DNT zone and into my bearish zone before creating the range. There have been four tests to the bottom level of the zone @ 166.00/162.00 and three tests to the top level of the zone @ 177.50/181.00, currently approaching a potential fourth test of the top of the zone.
For early entries for bulls and bears all of the zones can be adjusted as follows (shortening DNT zone, extending bearish and bullish zones):
Bullish: $177.50 - $208.50
DNT: $166.00 - $177.50
Bearish: $135.00 - $166.00
The weekly timeframe has strong bearish structure, the daily timeframe has the range shown but still holds bearish structure, and the 4H timeframe most recently has developed bearish structure but has created the range so I have labeled it as DNT as there is no clear direction that price is following.
There have been slight level adjustments compared to my previous post that better fit the current structure price has created. I have drawn arrows on the range for easier distinction for what I am looking at, combined with potential breakout arrows and potential breakdown arrows. Both the bulls and the bears have roughly a 15% +/- price change as the targets I have shown.
This is what I would personally look at before entering trades, everything is subject to change on a daily basis and as I analyze different timeframes and ideas.
ENTERTAINMENT PURPOSES ONLY, NOT FINANCIAL ADVICE!
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Tesla Motors (TSLA)
Tesla Set to Cut 2700 jobs in Austin & over 3,300 in CaliforniaTesla ( NASDAQ:TSLA ) is set to cut over 3,332 jobs throughout the state of California, and 2,688 jobs in Austin, Texas according to Worker Adjustment and Retraining Notification (WARN) Act letters and notices filed in both states.
The layoffs are part of a broader restructuring that the electric vehicle maker announced last week. In 2021, Tesla CEO Elon Musk moved the company's corporate headquarters to Austin from Palo Alto, California.
Musk said in an internal memo last weekend that Tesla ( NASDAQ:TSLA ) was cutting more than 10% of its global headcount as the electric vehicle maker reckons with flagging sales and increased competition. He did not say which departments or locations would be most affected.
"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," he wrote. A subsequent WARN notice filed in New York indicated that 285 positions were being eliminated at a factory in Buffalo.
Tesla employed has employed 140,473 people in total as of December 2023, according to filings.
The company has officially opened its Texas EV and battery factory in April 2022, with a "cyber rodeo" party. The company now manufactures some of its Model Y crossover utility vehicles in Austin, and has started to build its Cybertruck there.
Musk later called the Austin factory, and another assembly plant in Germany, "gigantic money furnaces," in an interview with Tesla Owners Silicon Valley, a fan club that promotes Tesla vehicles.
According to filings with the Texas Department of Licensing and Regulation, Tesla ( NASDAQ:TSLA ) was planning to spend upward of $770 million last year on the construction of expanded facilities in Austin, including for battery cell testing and manufacturing, cathode and drive unit manufacturing, plus a die shop, among other things.
Tuesday's WARN filings said, "none of the employees are represented by a union and none of the employees have bumping rights," or the right of more senior workers to replace those with less seniority.
The layoffs in California included 2,266 people in Fremont, which is home to Tesla's first U.S. vehicle assembly plant, and 486 employees in Palo Alto, home to Tesla's engineering headquarters. The cuts impacted workers at the company's factories, engineering offices, stores, showrooms and service centers throughout the state.
Jobs were also cut in Burbank and Lathrop, where Tesla makes spare parts at a foundry and assembles Megapack, battery energy storage systems.
Tesla - Don't get caught up!Hello Traders and Investors, today I will take a look at Tesla.
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Explanation of my video analysis:
In 2020 Tesla stock created a beautiful break and retest of the previous all time high which was followed by significant continuation towards the upside. After this pump Tesla stock entered a long term consolidation phase, forming a bullish flag formation. Considering that Tesla just retested and rejected the upper resistance, there is a quite high chance that we will retest the next support at $120.
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Keep your long term vision,
Philip (BasicTrading)
Musk LoveI am looking for potential pivot points near any of the drawings. I marked some examples from the past price action. You can look at this like at a project created by something similar to artificial intelligence. Let's just sit back and wait and see what happens, if any potential signals for pivot points or bounces appear at the shapes. This has been done before in previous ideas that I have provided and the concept is pretty straight forward. Sometimes the price can just follow a shape and not bounce from it, but I consider that to be an interesting occurrence as well.
The purple zone is a zone where no drawings were simulated/required. Marked letters of ABC are potential time zones of interest with interesting events.
Tesla Stock in Limbo: A 43% Plunge Leaves Investors Wary Ahead oTesla, once the undisputed champion of the electric vehicle (EV) market, finds itself in a precarious position. The company's stock price has been on a downward spiral, tumbling nearly 43% in the last month. This dramatic decline has left investors apprehensive as Tesla prepares to report its earnings.
Several factors are contributing to the bearish sentiment surrounding Tesla. Firstly, concerns are swirling about the company's business strategy. Sales of electric vehicles have dipped, raising questions about whether Tesla can maintain its growth trajectory. The much-anticipated Cybertruck has yet to materialize, and delays in the rollout of the cheaper electric vehicle have further dampened investor enthusiasm.
Elon Musk, Tesla's enigmatic CEO, hasn't helped matters. His focus on ventures outside of Tesla, coupled with his penchant for making controversial pronouncements, has sown seeds of doubt among some investors. They worry that Musk's attention is divided, potentially hindering Tesla's ability to navigate the increasingly competitive EV landscape.
Adding to the woes is the overall market correction. Rising interest rates and inflation have dampened investor appetite for growth stocks, a category Tesla once dominated. Tesla's lofty valuation, currently sitting at nearly 47 times forward earnings, also makes it a prime target for a sell-off. This high valuation is particularly concerning given the recent sales slump and the uncertain outlook for the EV market.
However, there is a silver lining. The recent plunge has pushed Tesla's stock price into what some analysts call "no man's land." This means there's a significant gap between the current price and potential downside. While the stock could fall further, the dramatic decline has already priced in a considerable amount of negativity. This could pave the way for a "relief rally" if Tesla's earnings report isn't a complete disaster.
Some analysts believe the negative sentiment has been overblown. They argue that Tesla's brand recognition and technological prowess still position it well for the future. The upcoming launch of the Robotaxi service in August could be a game-changer, generating new revenue streams and reigniting investor confidence.
The coming weeks will be crucial for Tesla. The earnings report will be a watershed moment, determining whether the company can regain its footing or succumb to the current headwinds. Investors will be keenly watching for any signs of a turnaround in sales, updates on the Cybertruck and the cheaper EV rollout, and any concrete plans for the Robotaxi service.
Tesla's story is far from over. The company's future hinges on its ability to navigate the current challenges, deliver on its promises, and adapt to the evolving EV market. Only time will tell if Tesla can emerge from this "no man's land" and reclaim its pole position in the electric vehicle revolution.
TSLA → Daily analysishello guys...
based on my previous analysis of #tesla:
the main trend in the daily time frame is bearish so far!
I believe the trendline of the pattern will be breakout after retesting the S&D!
meanwhile, the price made a head and shoulders pattern and broke it out! so in a shorter time frame the price will fill the gap to touch the target of the pattern, then we can expect another downward movement!
______________________
always do your research.
If you have any questions, you can write them in the comments below, and I will answer them.
And please don't forget to support this idea with your likes and comment
2024 is gonna be a worst year for tesla ?yess ,, tesla is going to die in 2024 ,, after studied structure and wave theory and pattren carefully iam going to post my view .. the chart is totally based on market structure and wave pattrens .. its weekly based prediction it will take time to procede .. good luck
Where Does TSLA Land?
Trend
- Downtrend confirmed.
- Components of the channel chart:
The original downtrend channel plus a 100% extended channel.
Both channels divided in half by blue dotted lines.
The shaded zones furthest from the center represent "overbought/oversold forces," which counterbalance each other.
- Currently, the price is descending into the extended channel, suggesting a chance of reaching the lower band of the extended channel.
- Note that when the price enters the orange shaded zone, it could move rapidly in one direction, as there is minimal previous support and resistance.
- The trend lines serve as potential support and resistance levels.
100% Symmetrical Projection: Downtrend “N” Patterns
- A 100% Symmetrical Projection of the previous swing (from A to B) and then projected from C. As a result, D is the initial target price on the short side.
- The 0.5 level from C to D serves as a clear support, enhancing the value of this projection.
N Pattern’s Target Price & Fibonacci Price Cluster
- The target price of $116 at level D aligns with a major prior low on the weekly chart.
- Levels 1 & 2 are significant due to the price cluster effect, demonstrating the validity of the extension of the prior major swing.
- Consequently, Level 3 has a good chance of becoming a critical support and a potential target price.
Conclusion
- In comparison with symmetrical analysis, TSLA's trend channel chart provides higher reference value.
- The dynamic target price is the lower band of the extended channel.
- The fixed target price (strong support) could be $122, followed by $116.
Not Financial Advice
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.
TESLA: Oversold. Can the price cuts stop the bleeding?Tesla announced aggressive price cuts globally on their main model lines as well as its FSD and is reported that a 20% headcount reduction is pushed. Further decline on today's opening has pushed the 1W technical outlook to the brink of oversold territory (RSI = 32.105, MACD = -19.430, ADX = 47.504) and bottom of Channel Down that started last July.
So can these brave measures to a dismal Q1 delivery report counter the declining global demand and price competition from Chinese EV producers and restore the stock price to where it was earlier this year?
Well one thing's for sure, TSLA has been in this situation before. The growth pattern from 2019 to today is very much like the one from 2012 to 2017. Both started with immense parabolic growth that peaked and declined towards the 0.382 Fibonacci and rallied again after forming a bottom. We are now at the stage where Tesla founf support in late 2016 near the 0.786 Fib of the corrective wave. The 1W RSI patterns are similar as well.
As long as the 0.786 Fib holds we expect at least $500 by mid 2025. It is very likely that tomorrow's earnings report coupled with the price cuts will be the fundamental base that the company needs to restore investing appetite back. On the long term this appears to be a worthwhile low risk entry for the undisputable leader of the EV market.
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$TSLA #TESLA On an important wedge.NASDAQ:TSLA #TESLA
Is currently testing a significant 4 years old wedge for the 3rd time.
The stock has lost more than 60% in the last 10 months.
Inflation and Tesla's layoffs are the obvious drivers for the recent fall.
Below current level, is a free fall to a hard to anticipate zones.
Keep it simple.
#AHMEDMESBAH
Tesla Inc. ($TSLA) Announced Price Cuts Across its Electric CarsTesla ( NASDAQ:TSLA ) recently announced sweeping price cuts across its electric vehicle (EV) lineup and Full Self-Driving (FSD) technology, signaling a strategic shift amidst mounting challenges. However, as the stock continues its downward spiral, investors are left pondering whether these aggressive pricing maneuvers will be enough to steer the company back on course.
A Strategic Pivot Amidst Turbulent Times
Tesla's decision to slash prices on EVs and FSD comes at a critical juncture for the company. With Elon Musk postponing a highly anticipated trip to India and reports swirling about delayed plans for a Tesla factory in the region, the EV giant finds itself navigating choppy waters both at home and abroad.
The latest round of price cuts underscores Tesla's efforts to stay competitive in an increasingly crowded market while grappling with supply chain disruptions, geopolitical tensions, and regulatory scrutiny. Yet, amidst these headwinds, questions loom large about the sustainability of Tesla's growth trajectory.
EV Price Wars:
By reducing the entry prices of key models like the Model Y, Model S, and Model X, Tesla aims to stimulate demand and maintain its market dominance. However, with production constraints still a concern, the impact of these price cuts on profitability remains uncertain. Will lower prices be enough to offset rising costs and dwindling margins?
Moreover, the decision to leave Cybertruck and Model 3 prices unchanged raises eyebrows, hinting at potential supply chain constraints or strategic prioritization. As competitors ramp up their EV offerings and governments incentivize electrification, Tesla ( NASDAQ:TSLA ) faces heightened pressure to deliver on its promises while staying ahead of the curve.
FSD: A Price Cut or a Pricing Conundrum?
Tesla's ( NASDAQ:TSLA ) move to reduce the price of its FSD technology reflects a broader push to democratize autonomous driving. However, the disparity between the subscription and purchase options raises questions about the company's revenue model and long-term viability.
While a lower FSD price may entice more customers to opt in, the subscription model could cannibalize upfront sales and erode profitability over time. With Musk doubling down on autonomous driving as a cornerstone of Tesla's future, striking the right balance between accessibility and profitability remains a formidable challenge.
Earnings Call Anticipation: Seeking Clarity Amidst Uncertainty
As Tesla ( NASDAQ:TSLA ) prepares to release its quarterly earnings, all eyes are on Musk and company executives to provide clarity on the company's strategy and outlook. Amidst swirling rumors of workforce layoffs and production setbacks, investors are hungry for reassurance that Tesla can weather the storm and emerge stronger than ever.
Conclusion:
Tesla's pricing gamble represents a calculated bet on the company's ability to navigate the turbulent waters of the EV market. As competition heats up and external pressures mount, Tesla must tread carefully to strike the right balance between growth and sustainability.
While price cuts may provide a short-term boost to demand, the long-term success of Tesla hinges on its ability to deliver on its promises, innovate in the face of adversity, and stay ahead of the curve in a rapidly evolving industry.
As investors brace for Tesla's earnings call, one thing remains clear: the road ahead is fraught with challenges, but for those willing to take the journey, the rewards may be greater than ever imagined.
Tesla on important triangle support, great risk-rewardTesla is getting way oversold and has reached an important support of the line linking the lows which represents the bottom of its large triangle pattern.
We are expecting at least a rebound here but potentially the start of a new upleg as long as the $136 area holds.
A break above the upper line of the triangle near $235 would open much higher levels while a break below would invalidate this bullish view.
Will Tesla see $100 Before $210?I am not a stock trader and at the end of the day could care less where these assets go but do occasionally trade them when the technicals indicate the potential for large moves creating rare oppertunities.
Forcast from July 2023 linked below indicated a likely larger decline and since price has come down 40%. The forcast called for reevaluation at the main macro uptrend. Price has arrived at that trend line, broke through it and current retesting from the bottom side. If buyers fail to reclaim these level are larger decline as forcasted may become a reality.
Bear in mind these are "forcasts"... not predictions. Price is unpredictable but scripture teaches there is nothing new under the sun and reoccuring patterns are predictable. It is the job of each operator to make his or her own decisions and react accordingly to price action as it presents its self in areas of interest.
Current Trading Plan:
Reenter a short postion in the 200-210 area if we see a reaction indicating a rejection. IF we see this rejection target will remain the same $70-$80. IF price brakes above the main trend again and consolidates likely will see higher prices.
Trade Well...
Your Friend,
Degen
$USO August 23' Rally similar to today's PACompare said time frames and you will see the similarities in RSI and MACD although if it fails, new lows could be on the way. If a B/O occurs , look for $100 sooner than later. Will revisit later. I will attach the next post to this one for continued reference.
$SHOP 10D wants $68 if we stay under $80Of course, all ideas are my opinion alone. SHOP went a bit crazy last week but still rejected the same gap from the Winter 22' pullback. Looking at this head and shoulders on the daily, PA seemingly looking for a touch of the gap below around $64. May have to wait for the first week of April for the move to be underway. Keep on Watch, with a Bullish Market, $82+ possible before the end of the week for a Bull Trap setup as stock is breaking trendlines of the possible larger timeframe bear flag its been in since Spring 22' .... Stay Patient.. after high $60s I'll be looking for a rally to fill gap above at $89.12
$META 13 Count ending Friday April 12th9-13 Reversal Possible. If Price Action remains stable, the 13 count 10D candle will end on Thursday, April 11th. For now, stay patient while price chops around this area. Loses $500, will head for 480s. Hourly suggests a pullback to $498 based on MACD plateau.
🚀Achieving a 608% Return in 1.5 Years with Tesla🎉Strategic Accumulation and Staggered Profit Realization: A Tesla Inc. Trading Blueprint
As we navigate through the dynamic realms of the stock market, strategic positioning in robust companies like Tesla Inc. has often rewarded investors with significant returns. This analysis showcases a meticulous approach to capitalizing on Tesla's stock through a well-planned buying and phased selling strategy.
Starting with a foundational investment, a series of calculated purchases were executed during Tesla's undulating price journey. The initial acquisition was made at $141.80, followed by a secondary purchase at $120.05, and a strategic third buy at a favorable $81.87, each funded with $10k. This average-down approach not only reduced the overall cost basis but also positioned the investment for amplified returns during price surges.
Moving on to the realization of profits, a phased selling strategy was implemented. The first tranche of stock was sold at $299, representing a significant uptrend from the averaged buying price. The subsequent sell-offs were at even more elevated price points of $637 and $1355, each constituting one-third and the final tranche a slightly larger portion of the holdings, at thirty-four percent.
This trading strategy emphasizes the importance of patience and discipline, ensuring that each sell-off point was not prematurely triggered but rather aligned with substantial price appreciations, marking a staggering overall gain.
By sharing this strategy and its successful outcome, I aim to inspire and equip fellow traders with a framework that underscores timing, accumulation, and strategic exits in trading sessions. May this insight serve as a beacon for your trading endeavors on the tumultuous seas of the stock market.
TSLA Tesla Options Ahead of Earnings If you haven`t bought the dip on TSLA:
nor sold the regional top:
Then analyzing the options chain and the chart patterns of TSLA Tesla prior to the earnings report this week,
I would consider purchasing the 140usd strike price Puts with
an expiration date of 2025-1-17,
for a premium of approximately $20.40.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
A Traders’ Week Ahead Playbook: Buy the dip or sell the rip?We move on from a week where strong momentum markets (AI names, NAS100, JPN225, Mexican peso) were sold down hard, with traders better buyers of the VIX, US30, gold, CHF, USD, and defensive equities (utilities).
Notably, the NAS100 recorded its worst week since November 2022, driven in part by market players part-liquidating an incredibly extended position in Nvidia, with 87m shares traded on Friday alone. Tesla and Super Micro Computers also seeing steep declines on the week, with Tesla remaining front and centre with Q124 earnings due after-market on Tuesday – many ask whether we see a fifth consecutive quarter where shares closed lower on the day of reporting?
Long US30 / short NAS100 positions have worked well and remain a tactical play I like into the new week - although with so many heavyweight tech names reporting through the week, NAS100 shorts will watch the reaction to earnings closely and will be prepared to react if the market likes what they see from the respective outlooks.
While sentiment has turned more negative, there is absolutely no panic at all and I’d to see if the buyer’s step in and support the S&P500 a little lower into 4935. That said, the price action and technical set-up suggests selling rallies in the US500 and NAS100 is the play – and if one is compelled to ‘buy dips’, then waiting for the rip after early traders buy the dip seems the higher probability play.
Geopolitical headlines remain fluid and have been a key reason for keeping buyers of risk at bay – many will remain focused on these developments as we roll into the new week. The news flow was certainly a key reason why gold closed higher for a fifth straight week and at a new all-time closing high on Friday, as it was why the CHF was the star currency on the week.
That said, with Brent crude closing the week 3.1% lower, one could argue it was the move higher in US bond yields – with the US 10yr Treasury pushing above 4.6% - that was really the big kicker that promoted rotation out of tech/AI names and supported the USD.
Short GBPUSD and long USDMXN on any retracement remains a compelling trade on my radar.
Watch US PCE inflation on Friday as the marquee risk on the data front – for a playbook, we could see outsized market moves on a US core PCE print above 0.4% m/m (USD up, gold, NAS100 down) or below 0.25% m/m (USD down, NAS100 and gold higher). A read above 0.4% m/m and the idea of a cut before the US Presidential election would be further dialled back.
There will be a focus on the BoJ meeting, but it is too soon for them to alter policy, and the market gives a change in rates no chance at all. If we get a move in the JPY, it will likely come from any changes to the bank’s inflation forecasts and the post-meeting conference call. We remain on JPY intervention watch, and signs that we are getting closer to the point where Japanese authorities look to step up the fight against JPY's weakness.
PMIs are due in the UK, EU, and US and they could move markets, notably if the service’s PMI outcome misses/beats expectations by a wide margin. Australia Q1 CPI poses a risk to AUD exposures, although, with such little priced into Aussie interest rate futures, it would need to big surprise to have a lasting effect on AUD pairs.
Bitcoin moves past the highly anticipated halving and while we predictably didn’t get any kneejerk reaction in price, the set-up on the higher timeframes is starting to look more compelling from the long side. There was clear support from the market to buy on the move below $60k and this is a level many are guiding for stops on longs. An upside break of $66k could be the trigger for a push into the top of the range of $72k.
Key event risk for traders to navigate:
Monday
• China 1 & 5-year Loan Prime Rate decision (11:15 AEST / 14:15 BST) – No change expected with the 1-year rate left at 3.45% and the 5-year rate at 3.95%.
Earnings – SAP (Germany) – one to watch for clients trading the GER40, with SAP holding a 10% weight on the index.
Central bank speeches – BoE’s Benjamin speaks (19:05 AEST / 10:05 BST)
Tuesday
• EU HCOB manufacturing and services PMI (18:00 AEST / 09:00 BST) – Service PMI eyed at 51.8 (from 51.5 in the prior read) & manufacturing at 46.5 (from 46.1)
• UK S&P manufacturing and services PMI (18:30 AEST / 09:30 BST) - Services at 53.0 (53.1) & manufacturing at 50.4 (50.3)
• US S&P Global manufacturing and services PMI (23:45 AEST / 14:45 BST) - Services at 52.0 (51.7) & manufacturing at 52.0 (51.9)
Earnings – Tesla (after-market), Visa (after-market)
Central bank speeches – BoE Haskel (18:00 AEST), BoE Huw Pill (21:15 AEST), ECB Nagel (22:30 AEST)
Wednesday
• Australia Q1 CPI (11:30 AEST / 02:30 BST) – The economist consensus looks for headline CPI at 0.8% QoQ / 3.5% YoY (4.1%), and the trimmed mean CPI measure eyed at 3.8% YoY (from 4.2%). With Aussie interest rate futures pricing in just one rate cut in 2024, it would take a big beat/miss vs consensus to drive significant volatility in the AUD, with the AUD more sensitive to geopolitical headlines and broad market sentiment.
• Mexico Bi-weekly CPI (22:00 AEST / 13:00 BST) – the consensus is for headline CPI to come in at 4.49% (4.37%) and core CPI at 4.38% (4.41%)
Earnings – Lloyds (UK), Boeing (before-market), IBM (after-market), Meta (after-market)
Thursday
Anzac Day – ASX200 closed.
Earnings – Barclays (UK), Caterpillar (before-market), Alphabet (after-market), Intel (after-market), Microsoft (after-market)
Central bank speeches – ECB’s Schnabel speaks (00:00 AEST and 17:00 AEST)
Friday
• Tokyo CPI (09:30 AEST / 00:30 BST) – headline CPI is eyed at 2.5% (2.6%) and core CPI at 2.2% (2.4%) – shouldn’t be a volatility event for the JPY or JPN225
• Bank of Japan meeting with updated GDP and inflation forecasts (no set time but likely between 12:00 and 15:00 AEST / 03:00 to 06:00 BST) – no change in policy expected, so the focus falls on the bank's inflation projections and the post-meeting conference call.
• ECB 1- & 3-year CPI expectations (18:00 AEST / 09:00 BST)
• US core PCE inflation (22:30 AEST / 13:30 BST) – headline PCE inflation is expected at 0.3% m/m and 2.6% y/y (from 2.5%) and core PCE at 0.3% m/m and 2.7% y/y (2.8%).
Earnings – Exxon (Before market), Chevron
Elon Musk Apologizes to Laid off Tesla EmployeesTesla’s CEO, Elon Musk, has apologized to his staff for a significant error that occurred during the company’s recent restructuring. In an email sent to employees, Musk acknowledged that some severance packages had been incorrectly calculated and expressed regret for the mistake. He assured his staff that the issue would be addressed immediately.
The apology came after Tesla ( NASDAQ:TSLA ) laid off approximately 14,000 employees, or 10% of its workforce, citing the company’s “rapid growth” and the need to eliminate duplication of roles and job functions in certain areas. Musk described the decision as a difficult one, made after a thorough review of the organization.
The severance pay error is not the first time Musk has been accused of failing to compensate former employees. In a lawsuit brought against him by former Twitter executives, Musk was accused of declining to pay severance to those he had allegedly fired without reason. The executives claimed that Musk owed them $128 million in severance pay.
Musk’s handling of Twitter, which he acquired in 2022 and now operates as X, has also attracted criticism. In an interview, Musk claimed to have reduced the company’s staff by 80%, cutting over 6,000 jobs, in an effort to prevent the company from going bankrupt. However, the lawsuit claims that Musk has earned a reputation for not paying his bills, citing a large number of lawsuits from vendors and service providers who claim they are owed money.
The lawsuit also references a website that tracks Twitter/X’s alleged missed payments, and the individual who operates the site has reportedly been banned from the social media platform.
Despite these challenges, Tesla ( NASDAQ:TSLA ) remains one of the most innovative and dynamic companies in the automotive industry, with a strong commitment to sustainability and electric vehicles. The company’s future success will depend on its ability to navigate these challenges and continue to innovate and grow.