Tech

Tesla shares fall after news that Elon Musk plans to cut workforce

Tesla shares fall after news that Elon Musk plans to cut workforce

Tesla shares fell about 6% on Friday after news that CEO Elon Musk plans 10% job cuts.

Reuters reported that Musk sent an email to Tesla executives calling for job cuts.

According to its annual financial record, Tesla and its subsidiaries employed 99,290 people worldwide by the end of 2021.

Like other vehicle manufacturers, Tesla has faced parts shortages and supply chain problems from the ongoing pandemic and brutal invasion of Ukraine by Russia.

In addition to his concerns at Tesla, Elon Musk is also in the middle of a deal to buy Twitter for $ 54.20 a share, or about $ 44 billion. With the fall of Tesla shares, some of Musk's capital resources also fall.