EV giant Tesla Inc (NASDAQ:TSLA) is reportedly laying off over 10% of its global workforce.
What Happened: The layoff aims to reduce costs and eliminate the duplication of roles and job functions, Electrek reported, citing a company-wide mail sent by CEO Elon Musk.
"There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle," Musk wrote in the mail.
The layoff is expected to impact at least 14,000 employees, the report added.
This is a breaking news story and will be updated soon.
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