Tesla (TSLA) Falls as Workforce is Slashed by ‘More than 10%’
Tesla’s stock falls on news it will cut 10% of its workforce. What does this mean for longterm investors?
April 15, 2024

According to a company-wide email attained by Elecktrek, Tesla plans to cut 10% of its workforce. This comes just weeks after the electric car manufacturer announced a drop in year-over-year sales for the first time since 2020. According to infamous CEO Elon Musk the cuts “will enable [Tesla] to be lean, innovative and hungry for the next growth phase cycle.” 

In response to the news, Tesla’s stock fell in pre-market trading.

This is just the latest bump in the road for Tesla which has faced mounting competition in the EV space. In 2023, Chinese manufacturer BYD overtook the first-mover as the largest producer of electric vehicles in the world. Not to mention, the pressure of traditional car brands such as Ford and Volkswagen adding EVs to their fleet. 

Tesla Investors on High Alert 

For nervous long-term investors, keep your eyes on software rather than hardware. Tesla recently abandoned plans to release an affordable Model 2 in favor of its robortaxi endeavors. It would appear, Tesla is hoping to use its years of data collection as the driver for its next generation of growth. If it can succeed, its products will likely move towards the profitable, SAAS (software-as-a-service) realm but there’s still plenty of work to be done. 

Should you buy the Tesla dip? 

Before you chase Tesla, consider this: 

MyWallSt has been picking market-beating stocks for more than a decade and just released a list of its favorite, buy-and-hold stocks for the next 10 years. 

Spoiler: Tesla didn’t make the cut. 

If you want to see what did, check out MyWallSt Invest

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