SQM Q1 Profit More Than Doubles as Lithium Prices Surge 
Trump Adviser’s Investment in Thrive Capital Draws Scrutiny Over Federal Contracts 
Marvell Stock Rises After Record Q1 FY2027 Earnings Fueled by AI Demand 
Samsung to Invest $1.5 Billion in Vietnam Semiconductor Testing Plant by 2027 
MongoDB Q1 FY2027 Earnings Beat Expectations, Raises Full-Year Outlook 
Synopsys Q2 FY2026 Earnings Beat Driven by AI and Semiconductor Demand 
Samsung Workers Approve Wage Deal, Avoiding Major Strike and Boosting Chip Supply Confidence 
Xiaomi Shares Drop After Weak Q1 Earnings Amid Rising Smartphone Costs 
DOJ Investigates Group Linked to Reid Hoffman Over E. Jean Carroll Lawsuit Funding 
JPMorgan Sees Biotech Sector at Turning Point, Upgrades Top Pharma Stocks 
European EV Sales Surge in April 2026 as Tesla and Chinese Automakers Gain Ground 
US Quantum Stocks Surge After $2 Billion Government Investment 
SK Hynix Joins $1 Trillion Club as AI Chip Demand Fuels Stock Surge 
Meta Subscription Push Could Add Billions in Recurring Revenue, Says Rosenblatt 
Dell Raises 2027 Revenue Forecast as AI Server Demand Drives Record Quarterly Results 
SoftBank to Invest €75 Billion in France AI Data Center Expansion by 2031 
Costco Q3 Fiscal 2026 Earnings Beat Expectations as Sales and E-Commerce Surge 
Tesla Inc. is reducing its workforce, and more than 10% of its global staff are set to be let go. This was confirmed by Elon Musk on Monday, April 15, just a day after media outlets reported about the “rumored” layoffs at the company.
Tesla currently employs about 140,000 staff worldwide, so the latest job cuts will affect around 14,000 individuals. This is almost double the total headcount recorded in the latter part of 2020, and the upcoming work reduction is undoubtedly massive.
Cause of the Layoffs
CNN Business suggested that the latest round of Tesla layoffs was caused by stiff competition and sluggish demand in the electric vehicle sector. The company recently reported a year-over-year drop in sales in the first quarter of this year, the first decline since the COVID-19 global pandemic began in 2020.
Moreover, for a short time in the fourth quarter, Tesla also lost its title as No. 1 in global EV sales to China’s BYD EV maker. Although the company’s sales are still slow, it was able to regain its EV sales title in the first quarter. Other car makers like Ford and General Motors are also struggling and have been forced to trim down their electric vehicle production.
In any case, Elon Musk sent an email to Tesla’s employees over the weekend explaining why the company decided to cut jobs. As transcribed by CNBC, part of his note reads: “Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth, there has been duplication of roles and job functions in certain areas.”
The Tesla chief added, “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity and as part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally.”
Senior Executives to Leave
Amid the layoffs, the company’s senior vice president, Drew Bagliano, and vice president of public policy and business development, Rohan Patel, are also leaving. The former has been with Tesla for 18 years now.
Meanwhile, Patel told Tech Crunch that he decided to step down due to “overall changes,” which he did not elaborate on. Both Bagliano and Patel were said to have resigned from Tesla on the same day as the company announced the layoffs.
Photo by: SCREEN POST/Unsplash
