From Nasdaq: 2024-04-30 13:42:09

Tesla stock experienced a rollercoaster ride, dropping 4.9% after gaining 15% due to Elon Musk’s meeting with China’s premier on FSD self-driving technology. However, the abrupt reversal was due to Tesla laying off its entire Supercharger EV charging team, affecting 500 employees, including high-ranking executives like Rebecca Tinucci.

Investors are concerned that Tesla’s job cuts, including the Supercharger team, indicate a slowdown in charging station rollout. Electrek suggests Tesla could lose its lead as the “gas station of the future.” Despite industry adoption of Tesla’s NAC charging standard, laying off key employees seems counterproductive to future success and employee morale, potentially affecting Tesla stock.

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Read more at Nasdaq: Why Tesla Stock Flopped 5% on Tuesday