Tesla cuts 9% of its workforce
A sneak peek into Tesla’s shareholder meeting
Shares of Tesla were marginally up by 0.6% at the end of today’s trading. During the shareholders meeting earlier this month, Elon Musk made many announcements including achieving the Model 3 production target of 5,000 units per week by June end, progress in Gigafactory, the outlook for Q2 and Q3, and Model Y delivery, to name a few.
Research reports say that when a CEO who holds at least 5% stake in the company repurchases its shares, the stock is expected to give strong returns. After this purchase, Elon Musk now holds about 20% stake in Tesla. Today’s news might bring in more cheers for Tesla investors and the stock could go up further tomorrow and in the near future.