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Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

electrek.co

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Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#101

Post by zeroxfe »

Semirhage wrote: post #88
nickik wrote: post #75

Earlier quoted context omitted.

Strange statement. Why would a business guy be judged on firing people. Its not like he is running a charity. I like SpaceX because of what they do, not because they 'provide jobs to the community'.

"Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us." So they’re not a profitable business, and not a charity. What are they exactly?

They're a business that's not yet profitable. It's not that complicated.

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#102

Post by qaq »

dragontamer wrote: post #64
akshayB wrote: post #54

Tesla's market cap is $55B If you do a quick math let's say they sold 400,000 Tesla (which they haven't yet) at an average of $100,000 each (which is probably lower) its net worth comes around $44B. I feel like company is way over valued and there is lot of fluff in the evaluation.

That's not how people typically evaluate companies. The "standard" way to evaluate a company is to take the price of the stock, and divide by the profits. There are some details like "historical PE" vs "forward-looking PE", but that's the basic metric. The PE ratio represents the number of years it'd take for a company to make back the price you paid. And for most people, PE of 15 to 25 (15 years to 25 years of profi…

if you can just invest based on simple metrics like that it would be very easy to make money in the market.

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#103

Post by [deleted] »

gowld wrote: post #97
Semirhage wrote: post #88

Earlier quoted context omitted.

"Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us." So they’re not a profitable business, and not a charity. What are they exactly?

A mission-driven organization, that wants to make enough money to continue its mission.

[deleted]

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#104

Post by Spooky23 »

craig1f wrote: post #36
organsnyder wrote: post #15

Earlier quoted context omitted.

Easy to say for those of us with highly-demanded skillsets. My hunch is that a large portion of that 9% didn't have that luxury.

Looks like the 9% were mostly management in redundant roles, not production. 100% of the articles I have read about Tesla have been completely fabricated hit-pieces, or like this one, completely misleading. I think that at this point, they deserve the benefit of the doubt unless you're willing to actually read the article.

How is it misleading?

They purged contractors not long ago and are now laying off lots of people. Those are facts.

They reported that "production associates" are unaffected by the layoffs -- which doesn't mean that people working in production aren't impacted. It just means that they aren't laying off hourly employees in production. The editorial at the bottom of the article rationalizes the decision and reflects that it is ultimately good for the company.

IMO, it was a pretty balanced article that delivered potentially bad news in a fair way.

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#105

Post by gowld »

stephengillie wrote: post #14

> It means that Tesla could let go over 3,000 employees in this round of layoffs. > The CEO also confirmed that Tesla didn’t renew its contract with Home Depot to sell its energy products at their stores. Tesla energy advisors were supposed to be at 800 Home Depots across the US earlier this year. If they had 3.5 employees per store, and a team of 200 managing the entire effort, these layoffs could be attributed enti…

I don't see why you'd need more than 2 full-time equivalent Tesla salesperson per Home Depot store.

Also, those employees weren't hired yet, the "advisors" were a planned/prototype project.

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#106

Post by kgwgk »

bdcravens wrote: post #26
txsh wrote: post #18

Could have saved these jobs by laying off the idiot CEO instead.

His CEO pay is $37k/year.

Somewhat higher now ($50k). “Mr. Musk’s base salary reflects the current applicable minimum wage requirements under applicable California law, and he is subject to income taxes based on such base salary. Mr. Musk, however, has never accepted and currently does not accept his salary.”

Of course he has also received equity compensation and will receive more in the future if Tesla somehow makes it. https://www.bloomberg.com/view/articles/2018-01-24/elon-musk...

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#107

Post by rdgthree »

stevievee wrote: post #68
happyopossum wrote: post #63

Earlier quoted context omitted.

> "This decision he just made is poor and Elon is human just like everyone else" How on earth could you possibly know that? It's entirely possible (likely) that not laying off those 3000 people would endanger the ability of Tesla to continue employing the other 30,000 people. Life (and business) is sometimes messy...

No, the company has been operating in the red forever. He is bowing to the public markets to make the company's life easier. It was never going to die if he kept these employees.

Wow, this is huge information. Can you link your source?

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#108

Post by jb320 »

I am waiting for my scheduled HR meeting along with several hundred other co workers in a few minutes. I am an outside, in-home residential solar salesperson hired by Tesla long after the Solar City aquisition. I have relied on the leads generated by the Home Depot employees. I am salaried and most likely going to get my walking papers today. It is apparent they don't see value in the proactive approach process to sales.

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#109

Post by Semirhage »

ericsoderstrom wrote: post #99
Semirhage wrote: post #88

Earlier quoted context omitted.

"Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us." So they’re not a profitable business, and not a charity. What are they exactly?

The very next sentences after that one are: "What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable. That is a valid and fair criticism of Tesla's history to date."

It’s a valid criticism they seem unable to tackle without massive layoffs, which seems problematic. Taking credit for clean energy is good PR though... maybe they’re a PR company?

Re: Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

#110

Post by the_cat_kittles »

TomMarius wrote: post #62
the_cat_kittles wrote: post #45

Earlier quoted context omitted.

the value of those jobs rests on the premise that they created something good. i think the jury is still out on how great tesla's actual products are (aside from entertainment value, which they clearly succeed at)

The value rests on the premise of them getting paid, which I assume they did.

whats incredible is the consistency i see this attitude here. you really think the value of job working for a predatory payday lender is the same as a public defender or teacher if they pay the same? i really doubt you do
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