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Tesla (NASDAQ:TSLA) layoffs may be coming to the electric vehicle (EV) company as investors learn of Elon Musk asking about critical roles.
Insider reports claim that the Tesla founder and CEO has started asking managers and staff if their positions at the company are critical to its operations. That’s opened up the door to worries that Tesla layoffs may be just around the corner.
That means we don’t know just how many employees will be affected by the Tesla layoffs. However, it’s likely to be a significant number as Musk has expressed interest in cutting costs as revenue growth has started to slow.
Investors will note that Tesla has been growing its headcount over the last few years with it now having about 140,000 workers. That’s about double the number of employees the company had in 2020. After all of that hiring, it may be time for the EV maker to trim the fat.
Tesla Joining the Layoffs Trend
If Tesla does cut jobs, it would see the company joining a long list of companies that have done so recently. Many are reducing headcounts after a hiring spree during the pandemic. Others are laying off workers to deal with increased inflation and interest rates.
All of this points toward more layoffs news coming in 2024 as additional companies seek to reduce operating costs to weather the tough economy.
TSLA stock is up slightly as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.