According to reports, there will be more layoffs and a hiring freeze. The company has stopped hiring and will need to lay off some people in the first quarter of next year.
There is a hiring freeze and layoffs. The company is trying to increase the number of employees. There are reports that the company will announce plans to build another factory in Mexico. The company does not have a communications department.
In June, Musk said that there would be a 3.5 percent reduction in the number of employees at the company. Hundreds of workers from the Autopilot team were among those who were laid off around that time.
Despite delivering a record number of electric vehicles, the company's stock price has nosedived by 65 percent this year and 22 percent this month alone. The Federal Reserve rate hikes caused the stock to tank.
Over the last few months, the economy has slowed down. It had to contend with Musk's chaotic day-to-day management of that company which included mass layoffs.
Some investors in the company sold their stock because they were concerned that Musk was pulling his attention away from the company. He said on Tuesday that he will step down as CEO of the micro-blogging site once he finds a replacement.
There are suggestions that demand for cars from the company has slowed due to Musk's erratic behavior. It's rare for a company to offer discounts on its EV in some markets.
A broader market downturn and fears of a recession have caused many tech and automotive companies to lay off employees. Some of them are Rivian, Meta, Apple, Amazon, and others.
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