Tesla (TSLA) is rumored to be preparing a massive round of layoffs

Media report:

• Tesla announced to Gigafactory Texas employees that it will shorten Cybertruck production shift amid rumors that it is preparing a round of layoffs.
• We received several reports today from Tesla employees hearing rumors of an important round of layoffs happening this week at the company.
• Some of them are talking about layoffs as high as 20% of the workforce, which would mean tens of thousands of employees.
• Tesla has been expected to reduce production to adjust for what appears to be lower demand.
• Last month, the automaker reduced production at Gigafactory Shanghai, its most productive factory.
• The rumors come after a very bad quarter and comes with Tesla reducing production capacity.

More info at that link above.

This article was written by Eamonn Sheridan at www.forexlive.com.