Tesla will stop hiring and start firing workers in the upcoming quarter

Tesla’s salaried employees will be reduced by around 10% over the next three months, according to Musk in June.

According to a source with knowledge of the situation, Tesla Inc. will be experiencing yet another round of layoffs in the upcoming quarter.

According to the article, the company would also halt hiring. A request for comment from Reuters was not immediately answered by the corporation.

Company stock increased 1% in pre-bell trading to $139.25.

The rumoured action coincides with company shareholders raising worries over Chief Executive Elon Musk’s diversion from running Twitter, the social media firm he paid $44 billion for in October.

Additionally, Tesla analysts have lowered their price forecasts for the company out of concern that sluggish Chinese demand may hinder the EV manufacturer’s deliveries in 2019.

The company will cut its paid employees by around 10% over the next three months, according to Musk’s June statement.

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