Tesla is asking shareholders to vote again on a $56 billion pay package for CEO Elon Musk. This comes after the company announced layoffs that would impact its global workforce. Javier E. David, CBS News contributor Javier David has more.
Tesla has begun laying off more people, starting with two senior executives, with plans for hundreds more. CEO Elon Musk says the company has to get “absolutely hard core about headcount.”
As Tesla's profits sink, Musk reaches for an autonomous future.
Sign up here — just click TechCrunch Mobility — to receive the newsletter every weekend in your inbox. Tesla is back in the news cycle and our crystal ball says it's one of those long-term affairs. The week kicked off with layoffs — about 10% of its more than 140,000-person workforce — and CEO Elon Musk declaring he was going "balls to the wall" on autonomy.
Tesla's been undergoing some major changes, and now we have a sense of why: The company says it is upending its product roadmap because of "pressure" on EV sales. The new and accelerated plan now includes "more affordable models" that the company claims will be launched next year. Or if Tesla CEO Elon Musk is to be believed -- and that's a big bet considering his track record with timelines -- possibly as early as the end of 2024.
Tesla's global job cuts include reducing staff in the U.S. and China, the automakers' two biggest markets, across sales, tech, and engineering.
Tesla has ended discounts on inventory across its electric vehicle lineup -- even as sales for EVs have flagged -- as part of a larger and vague plan by CEO Elon Musk to "streamline the whole Tesla sales and delivery system." "It has become complex and inefficient," Musk wrote in a post on X, the social media company he owns, in response to another user's comment. Musk's announcement on X comes a day after thousands of Tesla employees lost their jobs.
Tesla management told employees Monday that the recent layoffs -- which gutted some departments by 20% and even hit high performers -- were largely due to poor financial performance, a source familiar with the matter told TechCrunch. The layoffs were announced to staff just a week before Tesla is scheduled to report its first-quarter earnings. The move comes as Tesla has seen its profit margin narrow over the past several quarters, the result of an EV price war that has persisted for at least a year.
Tesla (TSLA) stock closed up nearly 5% on Monday as investors bought into CEO Elon Musk’s latest proclamation that Tesla would debut its long-awaited robotaxi on Aug. 8.
Tesla is introducing a robotaxi on August 8, Elon Musk has announced on X a few hours after Reuters published a report that the automaker is scrapping its plans to produce a low-cost EV.
Paramount's exclusivity window with Skydance expires on Friday.
During the 10th day of former President Donald Trump’s hush money trial, jurors heard a secret recording made by former Trump lawyer Michael Cohen that captured his boss talking about a payment to former Playboy model Karen McDougal.
Coinbase posted its second consecutive quarterly profit as crypto trading surged during the first three months of 2024.
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With the draft in the rear view there is no better time to do a dynasty rookie mock draft. Football Guy's Matt Waldman joins Matt Harmon for a two round Superflex format dynasty draft. The two debate the biggest topics of rookie mock drafts and when Marvin Harrison Jr. should come off the board. The two also identify deep dynasty sleepers to consider in later rounds.
Apple reported better-than-expected Q2 earnings and increased its dividend to $0.25 per share.
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O'Hara was part of a golden era for USWNT.
Peloton, the exercise equipment maker and online fitness course provider, said it is laying off 15% of its workforce (about 400 people) as part of cost-cutting measures. The company also said its CEO, president, and board director, Barry McCarthy, would step down after two years in the role. McCarthy, who was previously CFO at Spotify and Netflix, was coerced out of retirement in early 2022 when Peloton's co-founder and then-CEO, John Foley, left the role alongside a major cost-cutting effort that saw 2,800 employees laid off.
Novo Nordisk CEO Lars Jørgensen tells Yahoo Finance the company is confident about a robust GLP-1 sales year despite missing Wall Street estimates.
Jones suffered a spinal fracture in a crash at Talladega.