In a company-wide email circulated on Friday, Elon Musk announced his intention to reduce Tesla’s workforce by 10%. The announcement comes shortly after Musk’s call for employees to spend at least 40 hours a week in the office. Musk noted, “…this does not apply to those who actually build cars, batteries or solar cells.”
We are curious to see how many employees will look for a new job instead of returning to the office. Layoffs are never easy, and we would not be surprised if more and more companies push their employees back into the office – you know, to collaborate.
TFC POV: It looks like most tech stocks will be hit by a bear market in the next day or two. This poses a good time and good opportunity to grab positions in tech stocks after the slump.