"We grew very fast on the salaried side and we grew a little too fast in some areas, and so it requires a reduction," he said. Tesla is in the process of laying off 10% of salaried staff. He made his comment as he addressed job cuts taking place at the company. "This is not intentional … we are increasing production capacity as fast as humanly possible." I am a fan of Modi, Musk admitted Tuesday. "As anyone knows who has tried to order a Tesla, the demand for our cars is extremely high and the wait list is long," Musk said via video link at the Qatar Economic Forum during his interview with Bloomberg. 1 day ago &0183 &32 Tesla CEO Elon Musk says he is incredibly excited about the future of India, adding it has more promise than any large country in the world. Tesla shares through 2022 had lost 38% through Friday's session. 1 day ago &0183 &32 Tesla CEO Elon Musk said Tuesday the company is looking to invest in India as soon as humanly possible, following a meeting with Indian Prime Minister Narendra Modi in New York. The stock this year has taken a beating in part as the broader tech sector has been knocked down by concerns about higher interest rates and recession fears. Shares closed up 9.4% at $711.11 and climbed as much as 12% to touch a nearly three-week high. The news, however, won't do his and his already tarnished car brand any good.Tesla stock jumped Tuesday as CEO Elon Musk in an interview with Bloomberg touted the electric vehicle maker's competitiveness while also clarifying the company's job cuts. Tesla's shares fell by a shocking 65 percent last year, resulting in Musk setting a Guinness World Record for the most amount of money a single human has lost, ever, wiping out an estimated $200 billion in net worth.īut whether Musk broke any regulatory laws with his latest Tesla selloff in December - or whether it was a desperate move to keep the lights on at Twitter - remains to be seen. Musk's inflammatory rhetoric and chaotic leadership of the social media company has only angered Tesla shareholders even further. The news comes after Musk dug deep into his own Tesla shares in large part to finance just over half of the $44 billion he spent to buy Twitter. In effect, the shares he sold shrank in value by $1.2 billion, the WSJ reports.ĭespite a disastrous 2022, Tesla's shares have recovered somewhat and are trading at around $130 at the time of writing. Stock values plummeted down to just over $108 by January 3. Elon Musk sells nearly 8 million Tesla shares CNN Business Markets DOW 34,053.87 0.72 S&P 500 4,388.71 0.47 NASDAQ 13,667.29 0.16 Fear & Greed Index 79 Latest Market News YouTube. Musk sold 22 million shares at $163 in mid-December. Musk later settled and agreed to pay a $40 million penalty - but a lawsuit filed by investors is still ongoing. Elon Musk has offered to sell some of his Tesla stock right now if the UN can prove that 6 billion will solve world hunger. In fact, Musk had to go to court earlier this week over a now infamous 2018 tweet in which he said he had "funding secured" to take Tesla private, a move that triggered a lengthy investigation by the SEC. Musk has repeatedly undermined the SEC's authority, going as far as to say outright that he does not "respect the SEC" in an 2018 interview. It would be far from the first time the CEO billionaire and the regulator have butted heads. "The issue here is, what did he know and what was the market anticipating when he sold? That’s a critical moment." SEC Conference "This should be of great interest to the ," James Cox, a securities-law professor at Duke University, told the WSJ. It has to make you wonder: did Musk know the company's stock price was about to tank, something that could be of interest to financial regulatory authorites? Tesla CEO Elon Musk sold almost $3.6 billion of his shares in the EV maker in December - just before the company revealed disappointing fourth-quarter results to investors, The Wall Street Journal reports. "This should be of great interest to the SEC." Convenient Timing
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