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Tesla Freezes Hiring, Plans Layoffs As Shares Price Tanks

Tesla is facing more difficult times as its shares price continues to drop and it is now planning another round of layoffs and freezing hiring.

The electric carmaker plans to effect the job cuts in the first quarter of 2023. Recall that it had fired some employees in June and also announced freezing hiring.

Tech companies are undergoing tough times with poor macroeconomic conditions not looking to improve anytime soon. Couple that with investors losing faith in the company, and what you have is a disaster.

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Since acquiring Twitter, Tesla CEO Elon Musk has been dumping shares, further driving its value down. However, the tech boss’ excuse is that the problem is a general one. Although, investors are blaming his activities at Twitter for the company’s woes.

Meanwhile, the story is different at SpaceX, another of Musk-controlled companies. According to a report by Capital, SpaceX is set to reach a valuation of over $140 billion as it is looking to sell some insider shares at $77. As of July 2022, the company was valued at $127 billion.

SpaceX - Mission
Image Source: SpaceX.

It is not clear why the space exploration company, which also owns Starlink, is shielded from Musk’s Twitter activities. Likely, this is because it is still private and most of the investors are in the CEO’s close circle. Also, there is the growth of the Starlink businesses and the popularity of its satellite internet.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.