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Tesla ‘Very Prudent’ to Reduce Staff: Saxo Bank Strategist

Tesla Chief Executive Officer Elon Musk has reportedly said the electric carmaker needs to pause hiring and cut staff by around 10%. Peter Garnry, head of equity and quantitative strategy at Saxo Bank, says “cost cutting is essential” for tech companies in the current market. He speaks with Dani Burger on “Bloomberg Surveillance Early Edition.”…

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Tesla Chief Executive Officer Elon Musk has reportedly said the electric carmaker needs to pause hiring and cut staff by around 10%. Peter Garnry, head of equity and quantitative strategy at Saxo Bank, says “cost cutting is essential” for tech companies in the current market. He speaks with Dani Burger on “Bloomberg Surveillance Early Edition.”
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6 Comments

6 Comments

  1. G

    June 3, 2022 at 5:10 pm

    Musk getting humbled since announcing his interest to buy Twitter lmao. Can’t criticize Chinese govt lockdowns, so he’s venting his frustration on US employees.

  2. Stefan Baartman

    June 3, 2022 at 6:14 pm

    Elon wants to make Tesla more efficient, by getting rid of the laggards, ie the least enthusiastic people. Also, he would be pleased to have these people go to companies like VW, Ford, GM, etc. to help them learn “The Tesla Methodology”. Apparently we have reached the ICV peak in terms of demand, so sending these “ambassadors” to the other manufacturers will speed the production and adoption of EVs. Brilliant strategy!. The man thinks very far ahead.

    One could think of Tesla as the EV University. Go work there a few years, earn your “Tesla Degree” and then leave to take the knowledge and experience you have gained to one of the Legacy, or other new EV manufacturers. That’s how you change the automotive world!

  3. David Analyst

    June 3, 2022 at 9:43 pm

    no, its not very prudent for tesla to cut office workers. tesla has more cash than warren buffet, it needs engineers to deliver over a dozen projects already promised by musk, and delaying battery powered projects will not improve tesla, spacez, boring, or even twitter’s profitability

  4. johann wyss

    June 4, 2022 at 4:38 am

    Once again media lies. One news channel reports on another news channel that reports the same thing on the next news channel and none of them confirm the story or look into the story they just repeat like parrots. Human resource office workers cut. Public relation workers in china cut. Management that wanted to work from home cut. Line workers in Berlin hired.
    Line workers and Austin hired.

  5. Amre Amer

    June 4, 2022 at 3:00 pm

    The stock market is part of the problem

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Bloomberg Technology

Artemis II Safely Returns to Earth After Historic Moon Mission

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NASA’s Artemis crew of four astronauts returned to Earth and splashed down in the Pacific Ocean, capping humanity’s first return to the moon in more than 50 years.
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Why Officials Are Worried About Mythos, Anthropic’s New AI

The advent of Mythos and AI models like it that can exploit well-hidden flaws in software points to a faster-moving, less predictable phase of the cyber arms race. Here’s what to know Original filename: Anthropic_threat_FINAL.mp4 ——– Like this video? Subscribe to Bloomberg Technology on YouTube:   Watch the latest full episodes of “Bloomberg Technology” with…

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The advent of Mythos and AI models like it that can exploit well-hidden flaws in software points to a faster-moving, less predictable phase of the cyber arms race. Here’s what to know

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Medicare Navigation Startup Raises $100 Million

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Startup Chapter has closed a $100 million Series E to grow its Medicare navigation platform. Chapter CEO Cobi Blumenfeld-Gantz and one of its investors Ross Fubini, managing partner of XYZ Ventures, join Caroline Hyde and Ed Ludlow on “Bloomberg Tech.”
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