Tesla Inc (NASDAQ:TSLA) shares are trading lower Monday following reports the company is planning to lay off between 10% and 20% of its workforce. Wedbush’s Dan Ives reacted to the news in a new note released Monday afternoon.
What Happened: According to an Electric report, Tesla has told employees it will begin shortening shifts as it prepares for a fresh round of layoffs that could impact up to 20% of the company’s workforce. Tesla stock was last down more than 4.75% on the news.
As pointed out by Ives, the selling pressure on Tesla shares is being exacerbated by additional reports that two key Tesla execs, Drew Baglino and Rohan Patel, will be leaving the company.
“Baglino is an absolute gut punch loss in our view as he was instrumental in the Powertrain and Energy initiatives at Tesla ...