Speaking of meme stocks
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Tesla is struggling as its massive overvaluation begins to fall:
Tesla is laying off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs).
“About every five years, we need to reorganize and streamline the company for the next phase of growth,” CEO Elon Musk commented in a post on X. Two senior leaders, battery development chief Drew Baglino and vice president for public policy Rohan Patel, also announced their departures, drawing posts of thanks from Musk although some investors were concerned.
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Scott Acheychek, CEO of Rex Shares – which manages ETFs with high exposure to Tesla stock – described the headcount reductions as strategic, but Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deemed the departures of the senior executives as “the larger negative signal today” that Tesla’s growth was in trouble.
Less than a year ago, Tesla’s chief financial officer, Zach Kirkhorn, left the company, fueling concerns about succession planning.
I’m sure a couple more weeks of responding “!” to Cat Turd Two and Richard Huminamunia tweets will get things turned around right quick.