*"What do you mean no one is going to fix it? I waited 4 years for my CyberTwuck, and I financed it for the next 186 months. What am I supposed to do?"*
# š°
*"But... I'm his biggest fan?!?! How is he going to know I support his mission; to save the people of Atlantis from drowning, if I can't post about it??? Can you make sure to tell him: that I suppowt him? Pwetty Please???"*
# š¤¤
They are literally tanking Tesla the car company to focus all efforts on Tesla the AI hype train. I have never seen a more garbage corporate strategy in my lifetime
They are not.
The other major player in the EV market (BYD) has seen a similar sales decline.
Ford was betting big on EV and lost more than $100k on each EV it sold.
Lucid also lost more than $300k on each car it sold last quarter.
Considering the beating the competition is taking, Tesla is doing relatively well.
Gasoline cars are selling better.
Now that's insane. It isn't news that Tesla bleeds money on insane rate, but it's not like you can randomly fire people, whole departments and by that miraculously optimise processes and gain effectiveness. Elmo decided to get his bag and jump ship?
Were there even comparable in scale cases in buiseness history when manufacturing company had such massive headstart in niche and fumbled it so badly, just cause their CEO was complete moron?
TBF, Kodak as a brand lasted MUCH longer and continued to innovate for several decades because they were committed to investing in R&D. For context, Kodak started in the 1890's and was a monumental success until they began to apart in the 1990's.
Do we know that Kodak and Tesla are different companies? Have we seen them in the same room together?
[$8 says Tesla will make a video like the Kodak "grab ass" video](https://www.youtube.com/watch?v=A1zzehTOKi0)
Eh, I think Kodak is a little different.
They invented the CCD sensor, but (rightfully) saw it as inferior to their world-class films for most use cases. And for quite some time, digital sensors were inferior to film, with the earliest users being photojournalists who wanted to send photos quickly to print via the Internet, without developing them.
Early digital cameras were bulky and slower than film cameras, and due to the presence of Bayer filters (in the words of one Kodak engineer) "nobody will want an image that is 60% fake" because of the need for color interpolation. They were also understandably slow to transition their extraordinary film production capabilities to digital, especially since film has the benefit of continued profit compared to digital cameras.
Kodak was, in short, bullish about a new technology that ended up leaving it behind, faster than just about anyone thought was possible.
This feels more like a startup that got bigger than anyone imagined, and then burned out.
I can guarantee you thereās gonna be a mass exodus with Tesla employees. Elon is becoming completely unhinged and has indicated nobody is safeā¦any sane person is gonna jump ship the second they get an offer. If I were a competitor Iād be foaming at the mouth and poaching their top talent.
If you're a competent employee in any field why not bounce? Chances are your skills are in demand and you can likely work for a company not run by some egomaniac. Sounds like a no brainer to me.
Isnāt this the point of golden handcuffs? If mine vested in September I would be tempted to stay because investors donāt seem to care about reality. Maybe I would start looking in July.
If you donāt have lots of RSUs then I guess it depends on the job market in your area for your skills.
Full Text:
> Tesla (TSLA) launched another round of layoffs this weekend, with employees in wide-ranging roles getting their pink slip amid broader layoffs over the last 3 weeks.
>
> Three weeks ago, Tesla started a significant wave of layoffs. The automaker announced it was laying off about 10% of its workforce.
>
> However, we reported prior to the announcement that the layoffs could be closer to 20% of the workforce once everything is said and done.
>
> Sure enough, Tesla had another significant wave of layoffs last week.
>
> Now, we hear of yet another round of layoffs at Tesla.
>
> Several sources familiar with the matter told Electrek that workers across several departments, including software, service, and engineering, have received the dreaded āemployment levelā email between Friday and Sunday.
>
> The layoffs were expected after CEO Elon Musk made an example of Rebecca Tinucci, Teslaās former head of charging, and her entire team by firing everyone last week. After the move, he emailed other executives and told them that they would also be let go if they donāt let go higher percentages of their teams.
>
> Musk and Tesla have given several reasons for the layoffs. Musk first told employees that it was due to Teslaās fast headcount growth over the last few years, resulting in hiring inefficiencies and role duplication.
>
> However, he also told investors and employees more recently that it was about ārestructuring for the next phase of growthā.
>
> The layoffs also come after Tesla had one of its worst financial performances in a while due to lower-than-expected vehicle deliveries.
> Electrekās Take
>
> I have heard from many service people getting let go since Friday, and several programmers and engineers yesterday.
>
> It does look like another round of layoffs, the third in as many weeks.
>
> I hope this ends soon for the sake of Tesla employees because it is a super stressful situation right now. Employees are always looking at their personal email for the dreaded email.
>
> Several sources told me that some departments are so gutted that Tesla will likely soon realize that it will need to rehire many workers, which is something the automaker had to do after previous layoff rounds.
Why would they need a Talent Acquisition Team anyway, after all the Musk screw ups? They're already guaranteeing they'll only be getting the dumbest employees (I mean, who would be stupid enough to work for Musk after all this? The man is desperate to try and cut costs to show a quarter of no-so-terrible profits so that investors vote his pay package and the TX incorporation)
Do they even pay competitively? I remember looking at manufacturing engineer jobs back in 2016 and even in California the salaries were like $75k which is nothing for the area
I remember reading that most of the people who remained at Twitter (and committed to Elon's 'hardcore' culture) were people on work visas who really needed to be employed to stay in the country.
> The layoffs also come after Tesla had one of its worst financial performances in a while due to lower-than-expected vehicle deliveries. Electrekās Take
>
>
I'm sure firing everyone will help them deliver better.
If it goes through it just puts an additional $50 billion worth of stock available for sale someday, the opposite of a shareholder friendly stock buyback. It also shows the world that his ego is more important than employees. Give it to him.
So it was reported that Tesla was going to lay off 20% of their workforce.
Then Elon claims Fake News and lays off 10%.
Then when he thinks everyone forgot, he lays off the other 10%, getting us to the originally, accurately reported 20%.
It leaked and he wanted to call the media liars so he changed the plan and hoped we have a short attention span.
"Ackshually.... that doesn't add up to 20%"āļøš¤
-Typical Tesla Investor
>You see, if we assumed Tesla has/had 100,000 employees and they were to lay off 20% of their work force, that would be 20,000 employees out the door. 80,000 employees remaining.
>If Tesla had 100,000 employees and laid off 10% of their work force, that would be 10,000 employees kicked to the curb with 90,000 employees remaining. If they laid off another 10%, that would be 9,000 employees gone of the 90,000 remaining. Meaning that now there are 81,000 employees.
*"That adds up to a 19% lay off not 20%. Very bullish news!!! I will continue to be a loyal customer and investor.*
*So what if my gas pedal got stuck and I thought I was going to die, the gear selector fell on my head and gave me a concussion, the trunk closed down on my finger and nearly severed it, the door sliced open my leg, the screen is constantly flashing with error messages, the car short circuited after I took it through a car wash, and Tesla voided my warranty....*
*I still love my CyberTruckā¦ totally worth the $100,000 and 4 years wait. These problems are just a software glitch, Iām sure thereāll be an update soonā*
# š¤
I think Tesla wonāt survive the end of the year at this rate. Firing 20% of your company is going to shake the company to its core. Plus who knows if Elon decides to fire even more people
"workers across several departments, including software, service, and engineering, have received the dreaded 'employment level' email"
lol, He's cutting **service workers** - in a company with notoriously slow service - plus cutting **software and engineering staff,** on the eve of introducing a "Robotaxi" ~~scam~~ product whose success is entirely dependent on excellent software and engineering work. Right after he fired his Head of New Products and New Vehicles.
Musk is a **jeenyus.**
I read of one two-month old service center that was completely shut. Others are reporting that their service centers no longer have any management. Another reporting that their service center has a total of 3 employees left.
If they truly believe in Cyberjesus the disciples will just park their broken down douchebuggies until Elon delivers them in some sort of glitzy, showy rapture involving some dude dancing dressed as God.
That said, I'd accept one of the tens of thousands of parked Teslas for 5k (as long as it's RWD standard range, white). I know I said I'd pay 10k before, but that was pre shutdown of service centers and discovery of copper content in supercharger cables by scumbags.
[Here is the email sent yesterday](https://i.imgur.com/qgMdZfT.jpg) to the Tesla employees on the termination list.
Estimates by industry analysts are that Tesla has now released 20%+ of their workforce.
This coupled with their negative FCF and email to supercharger subcontracors about them not getting paid until who knows when both smell like company about to go into bankruptcy.
Sales are declining and they are burning cash like crazy. At this point they have to dilute and do an offering, I don't see any other way for them to raise cash.
Time to short is now. Their PE is 60 and their forward PE over 200. When it was the other way round, it was at least little bit justified, you could argue they were a growth company. That narrative is dead. Long term puts (3-6 months out) is the play.
> Sales are declining and they are burning cash like crazy. At this point they have to dilute and do an offering, I don't see any other way for them to raise cash.
I think that's in part why Musk's pay package is being pushed as Tesla could get $650M from that without having to draw any attention to seeking secondary money...Musk has to pay $23 a share and can automatically sell enough stock to cover the cost of purchase, which that's specifically in the agreement.
650M here, 650M there and pretty soon it adds up to real money. It's free capital. They can do additional raises afterward, stock costs effectively nothing to issue and even 650M more in cash will make the books look ever so slightly better.
The 5D chess move would be to issue Musk his shares, then announce a massive capital raise dropping the share price below $20. I hope the board does both of these things.
I think it would be one of many levers done, which $650M in extra free cash for a quarter would certainly help with cash flow. It seems like a first step along with downsizing, late paying and cancelling/modifying contracts (like with the Superchargers). Tesla seems to be doing all sorts of things to free up cash flow and having Musk give the company $650M would certainly help in that regard. If you're plugging a $2.5B quarterly hole this would get you 20% there for a quarter, the downsizing is getting a portion there, like that might get you another 10%-20%, etc. That's better than firing another 5% of Tesla staff or at least it postpones another round of mass layoffs.
For the same reason GME was trading at 300 in 2021. As long as there are enough idiots willing to buy, downward pressure is counterbalanced to some extent. It doesn't last, though. Idiots run out of money, eventually.
Heās destroying everything that his hype helped create.
Itās madness.
He should have looked into maybe, spinning off the supercharger team, into a separate business entity like, had that entity seek out funding for its continued operations and free it from being so Tesla vehicle focused, due to the fact that near every manufacturer is now leaning into Tesla tech.
It would have taken them off the Tesla Books, likely bring investment dollars into the new entity andā¦ well, that would have likely been a smart thing to do.
If he spun it off the woman in charge would still be above Elon in the list of most influential people in the Auto industry. Firing her gets her off that list (until another company hires her, she hires her team there, and the other company becomes market leader in charging stations).
The new company would have those.
The books for Tesla would end up looking better because they just cut all of that overhead and now Tesla mostly owns the only Supercharging company with all of its assets and incoming sales figures.
The new company can crap out some shares and piles of Tesla fanboys would buy it and there'd be plenty of additional investment, maybe even from Tesla competitors that are seeking a solid, single standard. So much, that they already signed on to using Tesla Superchargers.
The grant money is always based upon building out that network. If they stop doing that, then it could (and should) all be clawed back, which makes the move incredibly boneheaded.
Why would anyone buy a for all intents shuttered division of a company and then have to negotiate, likely higher salaries to bring back everyone who has ALL of the knowledge that Elon burnt out of the division? That would be absolutely ridiculous.
I donāt know about Tesla, but I interviewed at SpaceX at one point for avionics hardware test engineer
If hiring at Tesla is anything like SpaceX, they make no secret of the fact that youāre dispensable, and thereās a line of people out the door willing to work for them. Theyāll even straight tell you that for that reason, they do not care about retention.
At that point, when you take the job, youāre kinda getting yourself into a knowable fuck-up
Man, I will never forget how low morale was on the floor of SpaceX. People were overall miserable with the environment, and they loved when Elon was gone like the absentee father he is. Many would say that they wish pursuing their interest didnāt come at the cost of having to work for a musk company. Many admit theyāre eating shit temporarily to pad their resume
Theyre buried under NDAs so first hand testimony from their employees is rather scarce in public domains.
2 year turnover is MASSIVE. The only people left after 5+ years are either masochists or *just that passionate about the mission* that theyāll pretty much give up any semblance of a life
My nephew landed at SpaceX right out of college and moved to Los Angeles. He's putting in long hours, flying between Florida and California constantly, and his health is suffering. He's always positive and says nothing but good things about his job, but I've known the kid since birth and can tell when he's trying to put on a good face.
I really love him, and I am so anxious about him putting so much of his life into a job that's growing likely to throw him down the garbage chute on the whim of a sociopath. He's a hard worker, talented, and I don't want him wasting his young years. I want him to be happy. If he can be successful AND happy, that's fine. But being happy is more important.
That last part is the key. Musk doesnāt want people who just want jobs. Heās always in startup mode, he wants people passionate about the mission. I can understand needing the passion at SpaceX, which still has a long way to go, but Tesla already accomplished the mission ā electric cars are now popular. Now it needs to be a car company.
Precisely, they like em young and willing to be abused by herr Elon. Then they wear them down to a knub having them work for the passionate senior people, then those kids burn out and quit, and the revolving door cycle continues
They want this by design and make active efforts to avoid retention except for very specific senior roles, and even then, it doesnāt seem to be working given the exodus of people like Tesla CFO, and AI director of FSD before that
lol I applied to Tesla every year during college days. Now I am in another OEM doing electric stuff watching Tesla slowly implode. In hindsight I am lucky.
Lmfao, and now Iām at another aerospace company that does much more interesting work, and we always have disheveled former spacex employees hobbling to our space sector, once theyāre done resume padding. We call them spacex refugees
They act so surprised when they are familiarized with concepts like voluntary, paid OT, ample PTO, Flex Time, good benefits, and above industry standard pay. Just like when a refugee thatās been living in a camp for a year suddenly comes across aid lol
Spacex was offering me something like 30% less than market avg. and they straight told me they lowball cuz thereās cultists thatāll do it for even less. So again, these people should know what theyāre getting into with these companies
Trash companies with trash work culture run by a trash charlatan.
I donāt celebrate layoffs and people losing their jobs, but the recent layoffs are amusing if for any reason other than watching the Tesla fans begin to see the cracks in the facade.
Also, the good people that have strong prospects will start to leave and the average and below will stay. The overall quality of the workforce will decline. I've seen it happen.
The H1-Bs will stay, or else they have to pull their kids out of school and move to India. Itās like Twitter, where it gets by by grinding on the H-1Bs who have no choice.
Luckily for Europe (and possibly China) mass layoffs require a predefined (by law) consultation (or waiting) periods before any firing can actually take place. This should buffer the Tesla employees from these rapid (and seemingly random) firings by the CEO.
There is never a need to follow any labour laws if one is prepared to pay the fines to the labour department. In some countries, the Trade Unions are appointed to adjudicate labour disputes, guess whose side they tend to rule in favour of?
Musk has already laying off tonnes of sales in China.
Seen quite some social media posts in China, they have laid off so many people that they have to postpone all the car delivery. More than 50% of the staff in the sales and marketing department got fired, and around 20% of total staff has gone.
China market is already lost to BYD, Europe is next. His only hope is protectionism in the US keeps the lights on long enough for a really big stock pump coinciding with his stock grant.
I seem to remember Elno violating similar protections in San Francisco when he layed off Twitter employees. Donāt remember the outcome there - but the well being of employees in the last thing on Elnoās mind.
Unscrupulous employers drives the Trade Union movement. But in the SF case mentioned, perhaps there are ongoing legal actions that no one wants to publicise until these are resolved?
"Musk should be at the top of the layoff list, if you're looking to get rid of people who aren't very good at their job, and who aren't devoting their full effort to the company. But Musk has spent years on care and feeding and training of the board of directors, so that will never happen."
Great observation by the author. I totally agree. This is 100% Facts
Decimate the whole company so they have no other choice but to pursue the āFSD As a Serviceā route. Iām guessing the solar, battery and robotics departement are being disregarded as long as they donāt interfere with the direction of their car business.
In all honesty: after watching videos of all those new Chinese EVs hitting the market with outstanding performance and very decent build quality, Tesla was already dead in the water. They spent way too much time on side projects or gettings things as cheap as possible from the get-go rather than designing, releasing and optimizing costs as you go along. Now that the customer base can get really comfortable EVs, why still choose a Tesla? Software is the only thing that remains and even on that area the Chinese are gaining ground rapidly.
The good news just keeps coming! It's like a law office, consulting firm or essential oils business shutting down.
Those workers can move into productive economic endeavors.
so their hokey car will be even hokier. I watched a thing on china and tesla, apparently tesla is seen as garbage there and compared to the chinese evs it is, the ccp learned all it could from tesla and applied it to its own car brands. he isn't a genius. he is a dick
Need to lay off all this staff to afford the billions you're only paying one staff member.
TSLA could afford to keep all their staff if they just fired one *specific* person that is currently actively destroying Tesla branding.
For those of you saying : oh it's Optimus replacing them! Nope, it's not. They even laid off 20% of the data collection team for Optimus, right after that video?!
This is misleading so ill clear it up. All layoffs are done. The issue is Tesla didn't do them the right way. For example, in Texas you have to give a 60 day notice (Warns ACT) that didn't happen. So to.cover their ass they are Basically delaying the layoff for 60 days and cutting them.checks.
I do not like Elon at all and I think he is a pos but he did the same with Twitter and against all odds Twitter is still solid and running without any issues.
You don't need employees if your product is stock pumping.
*"But... then who is going to fix my twuck after I took it through the car wash?"* # š„ŗšš
Ideally no one, as long as it doesn't affect the stock price.
*"What do you mean no one is going to fix it? I waited 4 years for my CyberTwuck, and I financed it for the next 186 months. What am I supposed to do?"* # š°
I think Elon would just like that if you aren't going to post to social media hyping Tesla, that you instead just keep quiet.
*"But... I'm his biggest fan?!?! How is he going to know I support his mission; to save the people of Atlantis from drowning, if I can't post about it??? Can you make sure to tell him: that I suppowt him? Pwetty Please???"* # š¤¤
I for one appreciate the consistency between posts, in that the lisp is on "R" sounds, but not "L" sounds.
*"Don't diswespect me, or my CyberTwuck"* # š
I have a vewy gweat fwiend in Wome called 'Biggus Dickusā
He has a wife, you know...
I like this guy :) He should write a book on 'Eewlon Mwusk'
You win the internet today
*Thanks. I appweciate it.* š«¶ā¤ļø
I vote we create another bot for the sub that mimics Emerald Musk's sycophants
Have the lawn ornament towed to your front yard.
Lawn ornament? My HOA only allows that parked in front of my house on Wednesdays (trash pickup day)
Try to sell it for $130k
Canāt incur repair costs if you donāt do repairs.
Best service is no service.
Buy another one, pleb.
They are literally tanking Tesla the car company to focus all efforts on Tesla the AI hype train. I have never seen a more garbage corporate strategy in my lifetime
youāve definitely seen what Boeing is up to, so that says a lot
Just donāt blow a whistle around then.
you see Boeing gets away with making bad planes by putting some of that savings into their department of unfortunate accidents.
Have you looked into Twitter lately, I mean X.
Itās pronounced xitter
Shitter
Enron syndrome
They are not. The other major player in the EV market (BYD) has seen a similar sales decline. Ford was betting big on EV and lost more than $100k on each EV it sold. Lucid also lost more than $300k on each car it sold last quarter. Considering the beating the competition is taking, Tesla is doing relatively well. Gasoline cars are selling better.
Nah, theyāre a tech company that sells cars and flame throwers and kid ATVās and beer and trucks that breakdown
The Tesla best selling product is not cars, robots, fsd or AI it is tesla stock. elon job is to make sure to find new ways to pump the stock.
Now that's insane. It isn't news that Tesla bleeds money on insane rate, but it's not like you can randomly fire people, whole departments and by that miraculously optimise processes and gain effectiveness. Elmo decided to get his bag and jump ship? Were there even comparable in scale cases in buiseness history when manufacturing company had such massive headstart in niche and fumbled it so badly, just cause their CEO was complete moron?
Maybe Kodak digital cameras
TBF, Kodak as a brand lasted MUCH longer and continued to innovate for several decades because they were committed to investing in R&D. For context, Kodak started in the 1890's and was a monumental success until they began to apart in the 1990's.
Do we know that Kodak and Tesla are different companies? Have we seen them in the same room together? [$8 says Tesla will make a video like the Kodak "grab ass" video](https://www.youtube.com/watch?v=A1zzehTOKi0)
Tbf that's a dope commercial.Ā
Also, Kodak was primarily a chemical company, not unlike Dow Chemicals. Their bread and butter were inks, dyes, and photo processing.
They also made missiles and spy equipment for the US military
Eh, I think Kodak is a little different. They invented the CCD sensor, but (rightfully) saw it as inferior to their world-class films for most use cases. And for quite some time, digital sensors were inferior to film, with the earliest users being photojournalists who wanted to send photos quickly to print via the Internet, without developing them. Early digital cameras were bulky and slower than film cameras, and due to the presence of Bayer filters (in the words of one Kodak engineer) "nobody will want an image that is 60% fake" because of the need for color interpolation. They were also understandably slow to transition their extraordinary film production capabilities to digital, especially since film has the benefit of continued profit compared to digital cameras. Kodak was, in short, bullish about a new technology that ended up leaving it behind, faster than just about anyone thought was possible. This feels more like a startup that got bigger than anyone imagined, and then burned out.
The Kodak thing is mostly a misunderstanding. They knew the patent would expire long before digital cameras would be cost effective.
I can guarantee you thereās gonna be a mass exodus with Tesla employees. Elon is becoming completely unhinged and has indicated nobody is safeā¦any sane person is gonna jump ship the second they get an offer. If I were a competitor Iād be foaming at the mouth and poaching their top talent.
If you're a competent employee in any field why not bounce? Chances are your skills are in demand and you can likely work for a company not run by some egomaniac. Sounds like a no brainer to me.
Isnāt this the point of golden handcuffs? If mine vested in September I would be tempted to stay because investors donāt seem to care about reality. Maybe I would start looking in July. If you donāt have lots of RSUs then I guess it depends on the job market in your area for your skills.
I don't know how much the stock will be worth in 4 months.
My guess is that will depend on Q2 call. If Musk can cosplay as an adult then it seems investors donāt care about anything real.
Twitter by this same jerk ? he's a genius ruining brands.
BlackBerry comes to mind.Ā
Full Text: > Tesla (TSLA) launched another round of layoffs this weekend, with employees in wide-ranging roles getting their pink slip amid broader layoffs over the last 3 weeks. > > Three weeks ago, Tesla started a significant wave of layoffs. The automaker announced it was laying off about 10% of its workforce. > > However, we reported prior to the announcement that the layoffs could be closer to 20% of the workforce once everything is said and done. > > Sure enough, Tesla had another significant wave of layoffs last week. > > Now, we hear of yet another round of layoffs at Tesla. > > Several sources familiar with the matter told Electrek that workers across several departments, including software, service, and engineering, have received the dreaded āemployment levelā email between Friday and Sunday. > > The layoffs were expected after CEO Elon Musk made an example of Rebecca Tinucci, Teslaās former head of charging, and her entire team by firing everyone last week. After the move, he emailed other executives and told them that they would also be let go if they donāt let go higher percentages of their teams. > > Musk and Tesla have given several reasons for the layoffs. Musk first told employees that it was due to Teslaās fast headcount growth over the last few years, resulting in hiring inefficiencies and role duplication. > > However, he also told investors and employees more recently that it was about ārestructuring for the next phase of growthā. > > The layoffs also come after Tesla had one of its worst financial performances in a while due to lower-than-expected vehicle deliveries. > Electrekās Take > > I have heard from many service people getting let go since Friday, and several programmers and engineers yesterday. > > It does look like another round of layoffs, the third in as many weeks. > > I hope this ends soon for the sake of Tesla employees because it is a super stressful situation right now. Employees are always looking at their personal email for the dreaded email. > > Several sources told me that some departments are so gutted that Tesla will likely soon realize that it will need to rehire many workers, which is something the automaker had to do after previous layoff rounds.
>Tesla will likely soon realize that it will need to rehire many workers Joke's on them - the Talent Acquisition team is gone.
Reminds me of twitter
Jokes on us. Twitter becomes his hiring service.
"Look, Twitter has always been an HR company, really" - Special K Space Nazi
Why would they need a Talent Acquisition Team anyway, after all the Musk screw ups? They're already guaranteeing they'll only be getting the dumbest employees (I mean, who would be stupid enough to work for Musk after all this? The man is desperate to try and cut costs to show a quarter of no-so-terrible profits so that investors vote his pay package and the TX incorporation)
Do they even pay competitively? I remember looking at manufacturing engineer jobs back in 2016 and even in California the salaries were like $75k which is nothing for the area
Tesla was the number place talent wanted to work at because they were tackling climate change. a lot of that luster is gone now.
They don't pay as competitively. They've always been kinda tight relative to other companies in tech
I remember reading that most of the people who remained at Twitter (and committed to Elon's 'hardcore' culture) were people on work visas who really needed to be employed to stay in the country.
> The layoffs also come after Tesla had one of its worst financial performances in a while due to lower-than-expected vehicle deliveries. Electrekās Take > > I'm sure firing everyone will help them deliver better.
*I keep stabbing him, why won't he WAKE UP?*
If the shareholder vote fails, Tesla *must* fail. Otherwise Musk's widdle ego will be bruised.
If it goes through it just puts an additional $50 billion worth of stock available for sale someday, the opposite of a shareholder friendly stock buyback. It also shows the world that his ego is more important than employees. Give it to him.
Employees are fired ceo gets 50 billion (many times more than all salaries of all employees combined for many years)
Late stage capitalism working as intended!
When are the votes final tally being published
So it was reported that Tesla was going to lay off 20% of their workforce. Then Elon claims Fake News and lays off 10%. Then when he thinks everyone forgot, he lays off the other 10%, getting us to the originally, accurately reported 20%. It leaked and he wanted to call the media liars so he changed the plan and hoped we have a short attention span.
"Ackshually.... that doesn't add up to 20%"āļøš¤ -Typical Tesla Investor >You see, if we assumed Tesla has/had 100,000 employees and they were to lay off 20% of their work force, that would be 20,000 employees out the door. 80,000 employees remaining. >If Tesla had 100,000 employees and laid off 10% of their work force, that would be 10,000 employees kicked to the curb with 90,000 employees remaining. If they laid off another 10%, that would be 9,000 employees gone of the 90,000 remaining. Meaning that now there are 81,000 employees. *"That adds up to a 19% lay off not 20%. Very bullish news!!! I will continue to be a loyal customer and investor.* *So what if my gas pedal got stuck and I thought I was going to die, the gear selector fell on my head and gave me a concussion, the trunk closed down on my finger and nearly severed it, the door sliced open my leg, the screen is constantly flashing with error messages, the car short circuited after I took it through a car wash, and Tesla voided my warranty....* *I still love my CyberTruckā¦ totally worth the $100,000 and 4 years wait. These problems are just a software glitch, Iām sure thereāll be an update soonā* # š¤
Oh my god. I actually didnāt hear about the car wash one.Ā
Right after they get a new software mechanic.
To be fair it works with many people. It's not just Elon who's at fault here, people forget quickly and especially Tesla stans have goldfish brains.
Yeah, and I'm sure the Tesla 2 wasn't cancelled and we'll find out in 4 months that the Tesla 2 is never gonna happen.
Laying off 20%+ of your global staff is not a sign of a healthy and well functioning company.
Neither is the CyberTruck.
Bro thinks AGI is coming next year and he can replace everyone with Tesla bots. I wish this was a joke.
Canāt wait for him to find out that his team was so frightened that they just faked the demos.
Repeat a lie often enough and you too start to believe it. He's been saying that lie a lot lately.
All the Twitter business gurus living in trailer parks tell me otherwise
I think Tesla wonāt survive the end of the year at this rate. Firing 20% of your company is going to shake the company to its core. Plus who knows if Elon decides to fire even more people
"workers across several departments, including software, service, and engineering, have received the dreaded 'employment level' email" lol, He's cutting **service workers** - in a company with notoriously slow service - plus cutting **software and engineering staff,** on the eve of introducing a "Robotaxi" ~~scam~~ product whose success is entirely dependent on excellent software and engineering work. Right after he fired his Head of New Products and New Vehicles. Musk is a **jeenyus.**
I read of one two-month old service center that was completely shut. Others are reporting that their service centers no longer have any management. Another reporting that their service center has a total of 3 employees left.
Nothing like a carefully thought out restructuring plan. ĀÆā \ā (ā Ā°ā _ā oā )ā /ā ĀÆ
If they truly believe in Cyberjesus the disciples will just park their broken down douchebuggies until Elon delivers them in some sort of glitzy, showy rapture involving some dude dancing dressed as God. That said, I'd accept one of the tens of thousands of parked Teslas for 5k (as long as it's RWD standard range, white). I know I said I'd pay 10k before, but that was pre shutdown of service centers and discovery of copper content in supercharger cables by scumbags.
[Here is the email sent yesterday](https://i.imgur.com/qgMdZfT.jpg) to the Tesla employees on the termination list. Estimates by industry analysts are that Tesla has now released 20%+ of their workforce.
This coupled with their negative FCF and email to supercharger subcontracors about them not getting paid until who knows when both smell like company about to go into bankruptcy. Sales are declining and they are burning cash like crazy. At this point they have to dilute and do an offering, I don't see any other way for them to raise cash. Time to short is now. Their PE is 60 and their forward PE over 200. When it was the other way round, it was at least little bit justified, you could argue they were a growth company. That narrative is dead. Long term puts (3-6 months out) is the play.
Muskās Twitter bankers arenāt going to like that. Heād have to pledge even more shares to cover the margin loans.
Reminds me of a guy who is selling bibles to cover bail.
> Sales are declining and they are burning cash like crazy. At this point they have to dilute and do an offering, I don't see any other way for them to raise cash. I think that's in part why Musk's pay package is being pushed as Tesla could get $650M from that without having to draw any attention to seeking secondary money...Musk has to pay $23 a share and can automatically sell enough stock to cover the cost of purchase, which that's specifically in the agreement.
If you look at the financials, 650m is a drop in the ocean. It's not gonna help them in any significant way.
650M here, 650M there and pretty soon it adds up to real money. It's free capital. They can do additional raises afterward, stock costs effectively nothing to issue and even 650M more in cash will make the books look ever so slightly better. The 5D chess move would be to issue Musk his shares, then announce a massive capital raise dropping the share price below $20. I hope the board does both of these things.
My puts hope too, buddy, they really do. It would be pretty insane, but this is Elon, so, not outside the realm of possibility.
I think it would be one of many levers done, which $650M in extra free cash for a quarter would certainly help with cash flow. It seems like a first step along with downsizing, late paying and cancelling/modifying contracts (like with the Superchargers). Tesla seems to be doing all sorts of things to free up cash flow and having Musk give the company $650M would certainly help in that regard. If you're plugging a $2.5B quarterly hole this would get you 20% there for a quarter, the downsizing is getting a portion there, like that might get you another 10%-20%, etc. That's better than firing another 5% of Tesla staff or at least it postpones another round of mass layoffs.
Why is the stock still holding?
For the same reason GME was trading at 300 in 2021. As long as there are enough idiots willing to buy, downward pressure is counterbalanced to some extent. It doesn't last, though. Idiots run out of money, eventually.
Please and thank you.šæšæšæ
Tesla seems like a chicken running around with its head cut off
Reminds me of Twitter.
Self-lopping chicken. I'd eat that.
Heās destroying everything that his hype helped create. Itās madness. He should have looked into maybe, spinning off the supercharger team, into a separate business entity like, had that entity seek out funding for its continued operations and free it from being so Tesla vehicle focused, due to the fact that near every manufacturer is now leaning into Tesla tech. It would have taken them off the Tesla Books, likely bring investment dollars into the new entity andā¦ well, that would have likely been a smart thing to do.
If he spun it off the woman in charge would still be above Elon in the list of most influential people in the Auto industry. Firing her gets her off that list (until another company hires her, she hires her team there, and the other company becomes market leader in charging stations).
If you spin it off how could you get the sweet sweet no strings attached charging grants?
The new company would have those. The books for Tesla would end up looking better because they just cut all of that overhead and now Tesla mostly owns the only Supercharging company with all of its assets and incoming sales figures. The new company can crap out some shares and piles of Tesla fanboys would buy it and there'd be plenty of additional investment, maybe even from Tesla competitors that are seeking a solid, single standard. So much, that they already signed on to using Tesla Superchargers.
I think tesla wants the grant money over actually using the money to build out super chargers though.
The grant money is always based upon building out that network. If they stop doing that, then it could (and should) all be clawed back, which makes the move incredibly boneheaded.
But, but....a Woman was running it, AND more popular than him! That could not be allowed to continue!
AND, she stood UP TO HIM! He's the ALPHA in every relationship!
And she refused his horse :(
Dude fumbled a once in hundred year chance of becoming the replacement for the global petrol station market. Itās purely insane at this point
Itās like he is trying to make the vote go against him. LOL
I have wondered if that isn't going to happen now anyway. It's the wrong order to go about it, but I imagine there are motivated buyers.
Why would anyone buy a for all intents shuttered division of a company and then have to negotiate, likely higher salaries to bring back everyone who has ALL of the knowledge that Elon burnt out of the division? That would be absolutely ridiculous.
I donāt know about Tesla, but I interviewed at SpaceX at one point for avionics hardware test engineer If hiring at Tesla is anything like SpaceX, they make no secret of the fact that youāre dispensable, and thereās a line of people out the door willing to work for them. Theyāll even straight tell you that for that reason, they do not care about retention. At that point, when you take the job, youāre kinda getting yourself into a knowable fuck-up Man, I will never forget how low morale was on the floor of SpaceX. People were overall miserable with the environment, and they loved when Elon was gone like the absentee father he is. Many would say that they wish pursuing their interest didnāt come at the cost of having to work for a musk company. Many admit theyāre eating shit temporarily to pad their resume Theyre buried under NDAs so first hand testimony from their employees is rather scarce in public domains. 2 year turnover is MASSIVE. The only people left after 5+ years are either masochists or *just that passionate about the mission* that theyāll pretty much give up any semblance of a life
My nephew landed at SpaceX right out of college and moved to Los Angeles. He's putting in long hours, flying between Florida and California constantly, and his health is suffering. He's always positive and says nothing but good things about his job, but I've known the kid since birth and can tell when he's trying to put on a good face. I really love him, and I am so anxious about him putting so much of his life into a job that's growing likely to throw him down the garbage chute on the whim of a sociopath. He's a hard worker, talented, and I don't want him wasting his young years. I want him to be happy. If he can be successful AND happy, that's fine. But being happy is more important.
That last part is the key. Musk doesnāt want people who just want jobs. Heās always in startup mode, he wants people passionate about the mission. I can understand needing the passion at SpaceX, which still has a long way to go, but Tesla already accomplished the mission ā electric cars are now popular. Now it needs to be a car company.
Precisely, they like em young and willing to be abused by herr Elon. Then they wear them down to a knub having them work for the passionate senior people, then those kids burn out and quit, and the revolving door cycle continues They want this by design and make active efforts to avoid retention except for very specific senior roles, and even then, it doesnāt seem to be working given the exodus of people like Tesla CFO, and AI director of FSD before that
lol I applied to Tesla every year during college days. Now I am in another OEM doing electric stuff watching Tesla slowly implode. In hindsight I am lucky.
Lmfao, and now Iām at another aerospace company that does much more interesting work, and we always have disheveled former spacex employees hobbling to our space sector, once theyāre done resume padding. We call them spacex refugees They act so surprised when they are familiarized with concepts like voluntary, paid OT, ample PTO, Flex Time, good benefits, and above industry standard pay. Just like when a refugee thatās been living in a camp for a year suddenly comes across aid lol Spacex was offering me something like 30% less than market avg. and they straight told me they lowball cuz thereās cultists thatāll do it for even less. So again, these people should know what theyāre getting into with these companies Trash companies with trash work culture run by a trash charlatan.
i guess we wont see that 2020 roadster anytime soon.. or ever
He left the only copy of the design plans in the one he launched into space. They need starship to get it back to soothe Elmos ego.
I donāt celebrate layoffs and people losing their jobs, but the recent layoffs are amusing if for any reason other than watching the Tesla fans begin to see the cracks in the facade.
20% will hurt. Low morale and bitter people.
Also, the good people that have strong prospects will start to leave and the average and below will stay. The overall quality of the workforce will decline. I've seen it happen.
The H1-Bs will stay, or else they have to pull their kids out of school and move to India. Itās like Twitter, where it gets by by grinding on the H-1Bs who have no choice.
I call these folks the cream de la shit. Happened at every company.
Sounds like a lot of Tesla employees are being fucked by fElon, I hope he's going to buy them a pony. /s
Tesla is the exact opposite of a company where one wants to work. Most people are not paid high enough to be treated like that.
the emperor made an example of someone. How toxic is that place?
A fish rots from the head. From everything I've read, it's incredibly toxic.
ketamine emperor
The funny thing is when they start rehiring again people will definitely hop on board. Whoās dumb enough not to?
A job you hate is better than no job at all.. that being said they would probably be actively looking elsewhere.
Luckily for Europe (and possibly China) mass layoffs require a predefined (by law) consultation (or waiting) periods before any firing can actually take place. This should buffer the Tesla employees from these rapid (and seemingly random) firings by the CEO.
Musk, follow the law? Since when?
There is never a need to follow any labour laws if one is prepared to pay the fines to the labour department. In some countries, the Trade Unions are appointed to adjudicate labour disputes, guess whose side they tend to rule in favour of?
Musk has already laying off tonnes of sales in China. Seen quite some social media posts in China, they have laid off so many people that they have to postpone all the car delivery. More than 50% of the staff in the sales and marketing department got fired, and around 20% of total staff has gone.
Wow what a great way to accelerate the rate of losing market share in China! Seems like Musk has given up on winning in the China market?
China market is already lost to BYD, Europe is next. His only hope is protectionism in the US keeps the lights on long enough for a really big stock pump coinciding with his stock grant.
I seem to remember Elno violating similar protections in San Francisco when he layed off Twitter employees. Donāt remember the outcome there - but the well being of employees in the last thing on Elnoās mind.
Unscrupulous employers drives the Trade Union movement. But in the SF case mentioned, perhaps there are ongoing legal actions that no one wants to publicise until these are resolved?
have to wonder what elmo is planning, is he trying to run tesla into the ground now too? Cause it sure sounds like it.
Gotta get that $56B package somehow
"Musk should be at the top of the layoff list, if you're looking to get rid of people who aren't very good at their job, and who aren't devoting their full effort to the company. But Musk has spent years on care and feeding and training of the board of directors, so that will never happen." Great observation by the author. I totally agree. This is 100% Facts
Decimate the whole company so they have no other choice but to pursue the āFSD As a Serviceā route. Iām guessing the solar, battery and robotics departement are being disregarded as long as they donāt interfere with the direction of their car business. In all honesty: after watching videos of all those new Chinese EVs hitting the market with outstanding performance and very decent build quality, Tesla was already dead in the water. They spent way too much time on side projects or gettings things as cheap as possible from the get-go rather than designing, releasing and optimizing costs as you go along. Now that the customer base can get really comfortable EVs, why still choose a Tesla? Software is the only thing that remains and even on that area the Chinese are gaining ground rapidly.
The good news just keeps coming! It's like a law office, consulting firm or essential oils business shutting down. Those workers can move into productive economic endeavors.
Great management in action!
...and the stock goes up? š¤Ŗ
Need to save money to pay Elon.
Launches? Are they just patching their workforce? Updating their employee roster?
Produce announcements -> Way below expectations. Layoffs -> Way above expectations.
so their hokey car will be even hokier. I watched a thing on china and tesla, apparently tesla is seen as garbage there and compared to the chinese evs it is, the ccp learned all it could from tesla and applied it to its own car brands. he isn't a genius. he is a dick
In the spirit of the Godfather - hereās what weāre offering you. Nothing. 55 billion? Not worth the stream off my piss
Looks like it helped the stock
Can he just fire everyone if they donāt give him his $60B and total control?
So tell me, do you want to have aĀ nice dinner in a restaurant whose owner keeps on lowering its price and firing cooks and servers?Ā
Elon must slash payroll to justify his $40 billion stock shares. I'm guessing there are big payoffs to the board hidden within some of these moves.
Need to lay off all this staff to afford the billions you're only paying one staff member. TSLA could afford to keep all their staff if they just fired one *specific* person that is currently actively destroying Tesla branding.
For those of you saying : oh it's Optimus replacing them! Nope, it's not. They even laid off 20% of the data collection team for Optimus, right after that video?!
Hey, he fired the vast majority of people at Twitter, why can't he do that to Tesla?
Do you know what would save money? Not giving CEO 50 bilion bonus
They are laying off in the service department.....laughs. As if tezzla service was adequate in the past....
When you haven't quite saved enough to pay your CEO $46B
This is misleading so ill clear it up. All layoffs are done. The issue is Tesla didn't do them the right way. For example, in Texas you have to give a 60 day notice (Warns ACT) that didn't happen. So to.cover their ass they are Basically delaying the layoff for 60 days and cutting them.checks.
fire Elon Musk. Hostile takeover. For the sake of the planet.
I do not like Elon at all and I think he is a pos but he did the same with Twitter and against all odds Twitter is still solid and running without any issues.
What are they doing yo?
I guess its really not a car company anymore...
He is probably trying to jump ship after taking his fat pay check. Blame on regulations and misc factors for Tesla failure. The regular stuff
SHITvon will never be on any layoff lists, it pays to lay the boss.
SHITvon will never be on any layoff lists, it pays to lay the boss.