Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Elon Musk apologizes after Tesla gave 'incorrectly low' severance packages to some laid-off workers: report By: FOX Business April 18, 2024 at 13:01 PM EDT CEO Elon Musk reportedly emailed workers about a severance package issue on Wednesday, saying it had "come to my attention" that some were "incorrectly low." Some recently laid-off Tesla employees reportedly experienced a mix-up with their severance packages.CEO Elon Musk emailed workers about the issue on Wednesday, saying it had "come to my attention that some severance packages are incorrectly low," CNBC reported.Earlier in the week, Tesla had disclosed in a Securities and Exchange Commission (SEC) filing that it planned to lay off 10% of its workers.TESLA TO LAY OFF MORE THAN 10% OF WORKFORCE"My apologies for this mistake," Musk went on to say in the email about the severance package issue, according to CNBC. "It is being corrected immediately."Tesla did not respond to FOX Business' request for comment.With more than 140,400 employees at the end of 2023, Tesla's 10% cut could result in 14,000 people losing their jobs.When announcing the job cuts, Tesla said the company has seen a "duplication of roles and job functions in certain areas" amid its "rapid growth" in recent years. TESLA ASKS SHAREHOLDERS TO REINSTATE ELON MUSK'S PAY, MOVE TO TEXASTesla disclosed alongside the layoffs that its senior vice president of powertrain and energy engineering, Andrew Baglino, had left after an 18-year stint at the company."We believe it is extremely important to look at every aspect of the Company for cost reductions and increasing productivity," the EV maker said. "This action will prepare Tesla for our next phase of growth, as we are developing some of the most revolutionary technologies in auto, energy and artificial intelligence."Tesla reported earlier this month that its quarterly deliveries declined for the first time in nearly four years and fell short of Wall Street analysts' estimates. The automaker delivered about 387,000 vehicles in the first quarter – well below expectations of about 443,000 and an 8.5% decrease compared with the first quarter of last year.ELON MUSK SAYS REUTERS ‘LYING’ IN REPORTING TESLA SCRAPPED PLAN FOR LOW-COST CARIn late January, as the company released its fourth-quarter results, Tesla told analysts and investors that it was "between two major growth waves: the first one began with the global expansion of the Model3/Y platform and the next one we believe will be initiated by the global expansion of the next-generation vehicle platform." It said its vehicle growth rate "may be notably lower" than 2023’s "as our teams work on the launch of the next-generation vehicle at Gigafactory Texas."FOX Business' Stephen Sorace and Eric Revell contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Elon Musk apologizes after Tesla gave 'incorrectly low' severance packages to some laid-off workers: report By: FOX Business April 18, 2024 at 13:01 PM EDT CEO Elon Musk reportedly emailed workers about a severance package issue on Wednesday, saying it had "come to my attention" that some were "incorrectly low." Some recently laid-off Tesla employees reportedly experienced a mix-up with their severance packages.CEO Elon Musk emailed workers about the issue on Wednesday, saying it had "come to my attention that some severance packages are incorrectly low," CNBC reported.Earlier in the week, Tesla had disclosed in a Securities and Exchange Commission (SEC) filing that it planned to lay off 10% of its workers.TESLA TO LAY OFF MORE THAN 10% OF WORKFORCE"My apologies for this mistake," Musk went on to say in the email about the severance package issue, according to CNBC. "It is being corrected immediately."Tesla did not respond to FOX Business' request for comment.With more than 140,400 employees at the end of 2023, Tesla's 10% cut could result in 14,000 people losing their jobs.When announcing the job cuts, Tesla said the company has seen a "duplication of roles and job functions in certain areas" amid its "rapid growth" in recent years. TESLA ASKS SHAREHOLDERS TO REINSTATE ELON MUSK'S PAY, MOVE TO TEXASTesla disclosed alongside the layoffs that its senior vice president of powertrain and energy engineering, Andrew Baglino, had left after an 18-year stint at the company."We believe it is extremely important to look at every aspect of the Company for cost reductions and increasing productivity," the EV maker said. "This action will prepare Tesla for our next phase of growth, as we are developing some of the most revolutionary technologies in auto, energy and artificial intelligence."Tesla reported earlier this month that its quarterly deliveries declined for the first time in nearly four years and fell short of Wall Street analysts' estimates. The automaker delivered about 387,000 vehicles in the first quarter – well below expectations of about 443,000 and an 8.5% decrease compared with the first quarter of last year.ELON MUSK SAYS REUTERS ‘LYING’ IN REPORTING TESLA SCRAPPED PLAN FOR LOW-COST CARIn late January, as the company released its fourth-quarter results, Tesla told analysts and investors that it was "between two major growth waves: the first one began with the global expansion of the Model3/Y platform and the next one we believe will be initiated by the global expansion of the next-generation vehicle platform." It said its vehicle growth rate "may be notably lower" than 2023’s "as our teams work on the launch of the next-generation vehicle at Gigafactory Texas."FOX Business' Stephen Sorace and Eric Revell contributed to this report.