Elon Musk could not save Tesla: he will suffer cuts next quarter

The company’s shares have fallen more than 65% this year and it is facing several difficulties. One of them is the problems in its supply chain and the high dependence on China.

And the news came at a time when Tesla investors have raised concerns about CEO Elon Musk’s distractions from his management of Twitter, the social media platform he bought for $44 billion in October.

Following the news, the company’s shares fell 0.2% to $137.57 per share; just after falling 8.5% last Tuesday. In response, Musk publicly criticized Tesla investor and bull Ross Gerber, who suggested that the automaker’s stock price “reflects the value of not having a CEO” and that it was “time for a shakeup.”

Christmas layoffs in more technological

This week Xiaomi, the Chinese device developer, also joined the wave of tech companies cutting staff next quarter.

According to the South China Morning Post, the technology company plans to reduce up to 10% of its workforce, which means just over 3,500 jobs. This after announcing a cost optimization plan

This year, tech companies have suffered massive layoffs. According to data from layoffs.fyi, which also tracks job cuts in the tech industry, in November alone, more than 24,000 workers at 72 different companies have been laid off, totaling nearly 120,000 jobs lost throughout the year.