"News of layoffs and a likely smaller fourth-quarter profit stoked investor fears about growth and demand at Tesla Inc., bringing the company’s shares down by nearly 10% on Friday.
Tesla
TSLA, -9.43% shares traded as low as $312.90 and were on track for their largest percentage decrease since late September, when they stumbled 14%. Shares are down 8% in the past 12 months, compared with losses of around 5% for the S&P 500 index.
SPX, +1.18%
“We think Tesla probably increased its employee base by more than it needed to last year, and is laying off some of those workers to bring down costs," said Garrett Nelson, automotive analyst at CFRA Research.
“For most auto manufacturers, the cost-cutting would be received positively, but in Tesla’s case, investors start to second guess whether demand is the real issue,” Nelson said."
I hope you held off....this kind of mismanagement absolutely destroys value.
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