Layoff News: Elon Musk May Fire Tesla Employees, After Twitter
Tesla is planning to freeze hiring and layoffs of existing employees in the first quarter of 2023, as per reports. Elon Musk has already fired 60% of Twitter’s workforce.
Elon Musk-owned businesses seem to have no relief for their employees. It appears that Tesla may soon be making job cuts, almost two months after removing more than 60% of Twitter employees.
According to The Electrek, Tesla plans to implement a hiring freeze in 2023 and to lay off employees.
The report by The Electrek stated that it is not known how severe the hiring freeze will be, as Tesla still plans to expand in certain manufacturing locations.
It is not the first time Tesla has placed hiring on a freeze or laid off employees in recent months.
Elon Musk sent an email to employees in June 2023 where he expressed concern about the economy and stated that he felt “super bad” about it. Tesla halted hiring after Musk’s email and laid off 10%.
Tesla ended its hiring freeze in October and increased its staff. According to Reuters, Tesla listed 6,900 jobs on their website.
According to Reuters, this is a comparison to the 2022 peak of more than 7,400 job advertisements in May according to data similar to Snow Bull Capital and Thinknum Alternative Data.
The reason for the possible layoffs and the hiring freeze this time around is that Tesla’s stock price has been falling all year.
Tesla’s stock has fallen steadily over the past year, hitting records almost every quarter. Tesla and Musk have not commented on the matter.
Tesla is not the only company to announce another round of layoffs. In the past few months, nearly every major tech company has announced a series of layoffs. Some of the biggest names to have announced layoffs include Meta, Amazon and Micron.