Musk Apologies For“Incorrectly Low” Severance Package


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  • D.R. Horton Stock Rises 3% On Earnings Beat Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, April 18, 2024

    Musk Apologies for“Incorrectly Low” Severance Package

    Tesla (NASDAQ:TSLA) CEO Elon Musk sent an internal email on Wednesday, telling staffers that the company sent out some severance packages that were too low to a number of laid-off workers this week.

    “As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low,” Musk wrote in the brief email.“My apologies for this mistake. It is being corrected im media
    tely.”
    Tesla didn't im media
    tely respond to a request for comment.

    The electric vehicle company said on Monday that it would be cutting more than 10% of its global workforce, which totaled around 140,000 employees at the end of 2023.

    Few details have been shared by the company about the layoffs, but in a companywide memo sent on Monday, Musk said the layoffs would help,“prepare the company” for a“next phase of growth.”

    Earlier this month, Reuters reported that Tesla would be shifting its strategy, and scrapping an earlier plan to produce a more affordable EV in favor of focusing on robotaxi development at Musk's direction. On Tuesday this week, Musk appeared to confirm that report in a post on X.

    Musk hasn't yet said whether Tesla will stick with his 2023“master plan,” which laid out“a proposed path to reach a sustainable global energy
    Economy
    through end-use electrification and sustainable electricity generation and storage.”

    TSLA shares tumbled $5.62, or 3.6%, to $149.83.





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