Elon Musk seeks to cut 10% of Tesla workforce: Report
New York, Jun 3: Tesla shares tumbled about 9% Friday on a report that CEO Elon Musk is considering laying off 10% of the company's workers, as well as new questions from U.S. regulators over complaints of the electric vehicles braking for no reason.
In an email Thursday to Tesla executives titled pause all hiring worldwide," Musk wrote that he had a super bad feeling about the economy and that the company needed to cut staff, Reuters reported.
Tesla had around 10000 employees worldwide according to recent regulatory filings, including its subsidiaries.
Tesla shares have lost nearly one-third of their value since early April, shortly after Musk first publicly floated the idea of buying Twitter.
Tesla shares fell 66 to 709 Friday. Shares were trading around 1,150 just two months ago.
President Joe Biden, while giving a speech on Friday's jobs report in Rehoboth Beach, Delaware, was asked about Elon Musk saying he's pessimistic about the U.S. economy.
While Elon Musk is talking about that, Ford is increasing their investment overwhelmingly and I think Ford is increasing the investment in building new electric vehicles, Biden responded.
Six thousand new employees -- union employees I might add -- in the Midwest. The former Chrysler Corporation, Stellantis, they're also making similar investments in electric vehicles. Intel's adding 20,000 new jobs making computer chips.
There were other issues Friday that may have been weighing on Tesla's stock.
Government regulators reported Friday that more than 750 Tesla owners have complained that cars operating on the automaker's partially automated driving systems have suddenly stopped on roadways for no apparent reason.
The National Highway Traffic Safety Administration revealed the number in a detailed information request letter to Tesla that was posted on the agency's website.
It's the fourth formal investigation of the Texas automaker in the past three years, and NHTSA is supervising 23 Tesla recalls since January of 2021.
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Delhi LG 'praises' CM Atishi, calls her 'thousand times better than her predecessor' Kejriwal
New Delhi, Nov 22: In a left-handed compliment to Delhi Chief Minister Atishi, Lieutenant Governor V K Saxena on Friday said she is "a thousand times better" than her predecessor Arvind Kejriwal.
At the seventh convocation ceremony of the Indira Gandhi Delhi Technical University for Women here, Saxena said, "I am happy today that Delhi's CM is a woman, and I can confidently say that she is a thousand times better than her predecessor."
While making the comment, he took a glance at Atishi who also addressed the students.
The AAP and BJP have been at loggerheads over a range of issues, including governance and control of bureaucracy. Kejriwal tendered his resignation in September and said he would seek a "certificate of honesty" from the public in light of the corruption charges he faced. Atishi succeeded him as the chief minister.
Last year, Saxena ignored the AAP government's request to allow Atishi, who was then the education minister to hoist the national flag at the state-level Independence Day event.
A row brewed over the issue with the Aam Aadmi Party lashing out at Saxena after the General Administration Department refused to implement Minister Gopal Rai's direction to let Atishi hoist the tricolour in place of former then Chief Minister Arvind Kejriwal who was in the jail in the excise policy scam.
In his speech, Saxena told the students, "As you move ahead, you have four guiding stars. First is your responsibility towards yourself, the second is your responsibility towards your parents and family while the third responsibility is towards the society and nation-building."
"The fourth responsibility is to prove yourself as women who have broken the glass ceiling of gender and stand on par with others in all fields," he said.
Kejriwal had proposed Atishi's name as the chief minister at a meeting of the legislature party and it was unanimously accepted.
When she took charge of the office, Atishi kept an empty chair besides hers for Kejriwal.
Addressing at the event, Atishi reflected on the progress made in the education sector under the AAP government.
"Education is the key to development. Take the example of the US, Canada, or the UK. They provided free education and schooling, and that is why they are developed countries today."
"Ten years ago, when we formed the government here, we saw the same dream. Since then, we have been spending 25 percent of our education budget on improving the sector," she said.
