Tesla extends its 2024 stock skid to 34% as top execs reportedly depart amid job cuts

• Tesla stock extended its 2024 stock decline to 34% on Monday, with the stock dropping 3%.

• Monday's decline comes after the company said it would slash 10% of its staff amid weakening EV demand.

• Tesla CEO Elon Musk said in a memo that there has been a "duplication of roles and job functions in certain areas."

Tesla stock fell just over 3% on Monday, extending its year-to-date decline to 34% after the company laid off more than 10% of its workforce, or more than 14,000 employees.

Tesla CEO Elon Musk sent a memo to employees on Sunday, announcing that the EV automaker would eliminate jobs amid "a duplication of roles and job functions in certain areas."

Two top executives at Tesla left amid the layoffs, including senior VP Drew Baglino, who led the company's engineering for its batteries, motors, and energy products. Baglino worked at Tesla for 18 years and often shared the stage with Musk during product announcements and co-hosted company earnings calls.

The other departed executive is Rohan Patel, who served as Tesla's VP of public policy and business development.