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Tesla to reportedly implement hiring freeze, announce another round of layoffs

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Electric car maker Tesla will apparently implement a hiring freeze and perform a wave of layoffs which will happen in the next quarter, according to a report by Electrek on Wednesday.

Back in June of this year, Tesla also temporaily stopped hiring and laid off 10% of its staff due to the economy. However, the car maker eventually reversed the pause and started hiring again during the second half of this year.

While it is not yet known how extensive the new hiring freeze will be, the company is still reportedly planning to expand in some manufacturing locations.

This development comes as Tesla's stock has been falling all year despite the company hitting new records with its financials every quarter. Its CEO Elon Musk blamed the downward spiral of Tesla stock on global macroeconomic variables and the feds.

Not everyone is buying Musk's arguments, however. Ever since he took over Twitter, there were concerns that the microblogging platform will distract him from his Tesla duties. Ross Gerber, a Tesla investor and chief of Gerber Kawasaki Wealth Management, recently said that Musk is not suitable to run Twitter and should instead focus on fixing the damage that the acquisition has done to Tesla. "I think he just got himself maybe over his skis in an area that he’s just not suited to deal with the subtleties of," he said.

Joseph Cirincione, another Tesla investor, called Musk "a danger to the company." "The fear is that Musk’s erratic behavior on Twitter raises serious questions about his mental stability and management ability," he stated. "Do you trust him to build a car that you depend on to safely get you from one place to another?"

Musk recently conducted a poll on Twitter asking the public if he should step down as the social media company's CEO. Out of over 17 million voters, 57.5% wanted him to resign. He has since acknowledged the poll's results, saying that he will abdicate his post once he finds someone "foolish enough to take the job."

Source: Electrek

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