According to a new report,Tesla is preparing for the possibility of a worse economy. There will be a new round of layoffs in the first quarter of next year, as well as a freeze on hiring, according to the source.
The macroeconomic conditions don't look like they're going to improve anytime soon, so that could be a reason forTesla to slow or reduce spending on headcount. The steep stock price drop that began in late September/ early October and worsened again at the end of October is putting additional pressure on the EV company.
According to Musk, the problem with the stock market is that it's caused by rising bank account interest rates and general market volatility, rather than any particular challenge facing the company. Critics point to Musk's general distraction as a reason for the company's poor performance.
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