Announcement of quarterly results and layoffs… 6000 people will lose their jobs in this big company! List ready – Elon Musk Tesla announces layoffs of over 6000 jobs ahead of quarterly results will save 1 billion annually tutc

Billionaire Elon Musk’s electric car company Tesla has announced the results of the first quarter of the financial year 2024-25 (Tesla Q1 Results) and the company’s net profit has decreased by 55 percent in the January-March quarter. On one hand, quarterly results were being announced, on the other hand, just before that, the company announced major layoffs. According to the report, citing cost cutting, Tesla has made preparations to lay off 6,000 people.

Revenue decreased for the first time after 2020
First of all, let us talk about Tesla’s quarterly results, then let us tell you that the company’s net profit in the first quarter ending March 31, 2024 was $ 1.13 billion, which was $ 2.51 billion in the same quarter a year ago. Meaning, there has been a 55 percent decline in the company’s profit. Along with declining profits, Tesla’s revenue has also declined for the first time since 2020.

Musk suffered a loss of $62 billion in 4 months
There has been a sharp decline in Tesla’s shares in the recent past and its effect was also seen on the net worth of the company’s owner Elon Musk (Tesla CEO Elon Musk). Due to decline in wealth, first he lost the crown of the world’s number one rich man and then Musk slipped to the fourth position in the list of the rich. According to Bloomberg Billionaires Index, his net worth has come down to $166 billion. This year in 2024, Elon Musk has suffered a loss of more than $62 billion.

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Most layoffs in California and Texas
A decline in Tesla’s quarterly profits was already being predicted in many reports and before its announcement, major layoffs were announced in Tesla. According to the report published on Business Today, Elon Musk has announced to lay off more than 6,000 employees. The company has prepared the list and under this, 3,332 employees in Tesla’s California unit, while 2,688 employees in the Texas unit will be shown the way out.

Impact of declining demand and margins
It has been said in the report that the process of layoff in Tesla is going to start from June 14, 2024. It has been said that the electric car company has taken this step of layoffs due to declining demand and margins. Job cut for cost cutting will also affect 285 employees working in Tesla’s Buffalo, New York unit. It is noteworthy that according to US Regulatory Filing, the number of employees in Tesla was more than 140,000 at the end of 2023 last year.

‘There will be savings of 1 billion dollars annually…’
After the announcement of quarterly results, a conference call was organized by Tesla. According to AFP report, the company’s Chief Financial Officer Vaibhav Taneja said that cutting jobs will save more than $ 1 billion annually in Tesla’s costs. He also said that Tesla plans to accelerate the launch of new models before production starts in the second half of 2025.