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Elon Musk asks its managers to name which employees are important, might announce layoffs soon

Feb 08, 2024 - indiatoday.in
Elon Musk has reportedly asked Tesla managers to identify critical employees, raising concerns about potential layoffs amidst a wave of job cuts in the tech industry. This follows recent decisions by Google, Meta, Amazon, Snap, and others to reduce their workforce as part of restructuring. Musk, who previously slashed nearly half of Twitter's global workforce, is now speculated to be planning layoffs at Tesla. The company has cancelled its usual performance review meeting and asked managers to fill assessments for each employee, sparking concerns about potential job cuts.

Despite Tesla's shares continuing to rise and the company's workforce doubling since 2020, there are indications that the company is looking to reduce costs. This could be related to plans to boost research and development spending. However, Tesla has not officially confirmed any layoffs. The tech industry has already seen over 32,000 job cuts since 2024, with major players like Google, Microsoft, and Meta announcing workforce reductions as part of restructuring.

Key takeaways:

  • Elon Musk has reportedly asked Tesla managers to identify critical employees, sparking concerns of potential job cuts amidst a wave of layoffs in the tech industry.
  • Despite Tesla's shares continuing to bloom and the company's workforce doubling since 2020, the company seems to be looking for ways to reduce costs, possibly to boost research and development spending.
  • Tesla has not officially confirmed any layoffs, but the company's CFO, Vaibhav Taneja, emphasized the need for cost efficiency in a recent earnings call.
  • The tech industry has seen over 32,000 job cuts since 2024, with major players like Google, Microsoft, and Meta announcing workforce reductions as part of restructuring, driven by over-hiring during the pandemic boom and recent interest rate hikes.
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