Tesla shares drop after Musk cuts about 500 jobs in Supercharger team | Cars & Technology

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Tesla Supercharger stations near a Circle K gas station in Austin, Texas, on April 23, 2024.

Credit Brandon Bell | Getty Images.

Tesla shares fell nearly 6% on Tuesday following news that CEO Elon Musk was pressing ahead with more job cuts at Tesla, impacting an estimated 500 employees in its Supercharger team.

The stock closed at $183.28 and is now down 26% for the year.

According to The Information, Musk sent an email to managers at Tesla overnight announcing the departure of key executives, including Senior Director of EV Charging Rebecca Tinucci, and Director of Vehicle Programs Daniel Ho. In the email, Musk also expressed consternation that Tesla management hadn’t thinned out the company’s staff more promptly at his direction.

Several employees whose roles were cut and one person who is still working at Tesla in California confirmed with CNBC the details of the ongoing reorganization, asking to remain unnamed to discuss sensitive issues. Other laid-off Tesla employees posted publicly about Tesla shrinking the Supercharger team.

In cutting that group, Tesla revealed it’s throttling the expansion of its Supercharger network in the U.S. The move comes after Tesla struck partnerships with

Source www.cnbc.com

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