U.S.-based electric automobile maker Tesla fires 400 employees.
Luxury electric vehicle maker Tesla Inc (TSLA.O) fired about 400 employees this week, including associates, team leaders and supervisors, a former employee told Reuters on Friday.
- Reuters (Image)
American retailer Sears files for Chapter 11 bankruptcy after accumulating USD $134 million in debt.
Tesla stock drops 9% the day after CEO Elon Musk was seen drinking whiskey and smoking cannabis in California while discussing space colonization, life after the technological singularity and whether reality is a simulation on "The Joe Rogan Experience", and two executives resign.
Under the terms of a settlement with the U.S. Securities and Exchange Commission, Elon Musk and Tesla, Inc. agree to pay $20 million each to financial regulators, and Musk is expected to resign as chairman, but will remain as chief executive.
Two weeks after Elon Musk expressed his intentions of making Tesla, Inc. private, he and the company's board announce that the company will remain publicly listed.
Worker pay rate in the United States hits its highest level since 2008 according to the Bureau of Labor Statistics. The Employment Cost Index, which tracks worker compensation, has been steadily increasing since just prior to Donald Trump taking office.