Tesla trims 3,000 white collar jobs in an effort to finally appear profitable
The move comes on the heels of blue collar layoffs in October of last year, though it was a smaller number at around 700 people.
In its entire history, Tesla has only turned a small profit a few times; when it did so, the company pivoted and launched a new model almost immediately, which took it back into the red.
So what made the company trim 9% of its workforce this week?
A least, that’s according to Tesla President Elon Musk. Here’s a screen cap of the announcement that he himself tweeted:
Difficult, but necessary Tesla reorg underway. My email to the company has already leaked to media. Here it is unfiltered: pic.twitter.com/4LToWoxScx— Elon Musk (@elonmusk) June 12, 2018
A company that is owned by shareholders probably does need to focus on profitability; management’s predictions are that this move will make it so by third quarter of this year.
The move comes on the heels of blue collar layoffs in October of last year, though a much smaller number at around 700 people.
Tesla CEO Elon Musk at a meeting at the White House in Washington, DC, on January 23, 2017. (Photo credit: NICHOLAS KAMM/AFP/Getty Images)
In the midst of these layoffs of both management and non-management, there are more grumblings from people wanting to unionize the place. And in response, the company has come under attack again recently for Musk’s suggestion that employees would lose stock options if they joined the United Auto Workers… when such a threat is in direct violation of labor law.
Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues & give up stock options for nothing? Our safety record is 2X better than when plant was UAW & everybody already gets healthcare.— Elon Musk (@elonmusk) May 21, 2018
The severance package for these laid-off workers hasn’t been announced yet, but Musk’s wording suggests some kind of severance pay and “stock vesting”—the latter could be beneficial if the stocks are immediately liquefiable, but stocks are worthless if the company doesn’t survive. Indeed, stock in the company has decreased in value at least 26% since September.
Giving our solar system a "slap in the face"
- A stream of galactic debris is hurtling at us, pulling dark matter along with it
- It's traveling so quickly it's been described as a hurricane of dark matter
- Scientists are excited to set their particle detectors at the onslffaught
Bernardo Kastrup proposes a new ontology he calls “idealism” built on panpsychism, the idea that everything in the universe contains consciousness. He solves problems with this philosophy by adding a new suggestion: The universal mind has dissociative identity disorder.
There’s a reason they call it the “hard problem.” Consciousness: Where is it? What is it? No one single perspective seems to be able to answer all the questions we have about consciousness. Now Bernardo Kastrup thinks he’s found one. He calls his ontology idealism, and according to idealism, all of us and all we perceive are manifestations of something very much like a cosmic-scale dissociative identity disorder (DID). He suggests there’s an all-encompassing universe-wide consciousness, it has multiple personalities, and we’re them.
Firefighters in California are still struggling to contain several wildfires nearly one week after they broke out.
- Hundreds of people are still missing after three wildfires spread across Northern and Southern California last week.
- 48 of the 50 deaths occurred after the Camp Fire blazed through the town of Paradise, north of Sacramento.
- On Tuesday night, a fourth wildfire broke out, though it's mostly contained.
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