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“Oh and uh short burn of the century comin soon,” Musk tweeted on May 4 following a conference call that one analyst said was the most bizarre thing he had witnessed in decades. “Flamethrowers should arrive just in time.”
Tesla CEO Elon Musk insisted that the company wasn't in need of additional cash, but the layoffs show that the company is at least becoming more frugal with its spending.
Elon Musk might have made his $25 million Tesla stock buy to convince employees and analysts that he's still all in on the company and the production of the Model 3 electric vehicle.
Tesla is cutting 9% of its workers in a restructuring intended to help it cut its losses and ease its path to profitability. But there could be more cutbacks to come if it can't meet its Model 3 production targets.
Only two firms, New Street Research and Berenberg, have higher price targets, according to Bloomberg.
Tesla's stock price spiked 9.74% on Wednesday, generatingl $1.1 billion in mark-to-market losses for short sellers, according to data from S3 Partners, a firm that tracks short interest.
On stage at Tesla's annual meeting, a visibly emotional Elon Musk, founder and CEO of the electric carmaker, said the company will likely reach its goal of producing 5,000 Model 3 sedan’s “by the end of this month.”
Tesla close to hitting a key Model 3 production goal — but Elon Musk says the the process has been ‘hellish’
Tesla's Elon Musk has said the company needs to be making 5,000 Model 3 vehicles a week before it can start generating profits. The company is finally nearing that target, he said Tuesday.
Among the proposals to be considered by investors will be the re-election of three Tesla board members, including CEO Elon Musk's brother, Kimball, which have seen opposition in recent months.
Stockholders will be voting to re-elect three prominent members of Tesla's board of directors at the meeting, all of which have come under fire from major investor groups.