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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PM Modi holds talks with French President Macron in Mumbai
New Delhi (PTI): Prime Minister Narendra Modi on Tuesday held wide-ranging talks with French President Emmanuel Macron to boost ties in key sectors such as trade, defence, energy and critical technologies.
Macron landed in Mumbai early this morning on a three-day visit to attend the AI Impact Summit in New Delhi and meet PM Modi.
After the talks with Modi, Macron will attend a ceremony to launch the India-France Year of Innovation.
His visit comes days after India cleared a long-pending proposal to procure 114 Rafale fighter jets under a government-to-government framework with France.
It has been billed as one of the world's biggest military procurement programmes in recent years.
It is learnt that shoring up defence cooperation and enhancing bilateral engagement in the critical technology sector are priority areas to take forward the ties.
"Welcome to India! India looks forward to your visit and to advancing our bilateral ties to new heights. I am confident that our discussions will further strengthen cooperation across sectors and contribute to global progress," Modi said on social media earlier in the day in response to a post by Macron.
