Tesla shares dip more than 9% on Elon Musk’s plans to cut workforce


Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, U.S., on Thursday, Oct. 10, 2019.

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Tesla shares closed down more than 9% on Friday on news that CEO Elon Musk plans for a hiring freeze and 10% job cuts at his electric vehicle and renewable energy venture.

Reuters reported late Thursday on an e-mail Musk sent to Tesla executives saying he had a “super bad feeling” about the economy and called for the job cuts.

The report followed news Musk is requiring all Tesla and SpaceX employees to cease remote work, and report on-location to a main office for a minimum of 40 hours a week.

According to its annual financial filing, Tesla and its subsidiaries…


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