140.83 now (8.40pm).To me it looks like a falling knife.
There is news about Musk having meetings in China to get permission to test the driverless cars there. If he can get that going it will be a big win.Early days but starting to sort'a look'n like it was a bottom. What say the Chart boys and candle stick men?
I would think having the opportunity to develop the technology there, will overcome a lot of red tape issues they arr having in the West.It appears some technology sharing and research deal with Baidu of China has been done. This comes after a surprise visit between Musk and no. 2 leader Premier Li Quang.
https://www.bbc.com/news/articles/cgxwlqej0jjo
Tesla short sellers lose nearly $5.5 bln over four days, S3 Partner says
Investors who bet against Tesla (TSLA.O), opens new tab stock have lost $5.5 billion in the four sessions since the electric car maker promised more affordable cars, according to data from S3 Partners.
The stock has soared almost 40% since the April 24 announcement, including a nearly 16% jump on Monday, when the automaker cleared some key regulatory hurdles that had long hindered the roll-out of its self-driving software in China.
Monday's surge cost the short sellers $2.93 billion and turned April unprofitable with losses of $2.11 billion, according to the analytics firm.
Still, with the company's shares down nearly 20% for 2024, profits booked by bearish Tesla investors stand at $4.10 billion for the year so far.
"This has not been a short squeeze as we have actually seen short selling into this rally with over 2 million new shares shorted over the last week," said S3's head of predictive analytics Ihor Dusaniwsky.
A short squeeze happens when these investors are forced to quickly cover their bets to limit losses if a stock gains ground instead of falling.
Tesla is the third-largest U.S. short behind Nvidia (NVDA.O), opens new tab and Microsoft (MSFT.O), opens new tab, Dusaniwsky said, noting that $18.53 billion, or 3.97% of its publicly available shares, are in short position.
The Elon Musk-led company's plan to roll out cheaper models has eased some worries about its slowing growth and came after a tumultuous week marked by big layoffs, executive exits and price cuts.
Dear Fellow Stockholders,
We could call 2023 a watershed year for Tesla, with many defining moments. However, for Tesla—in light of our past accomplishments — 2023 could also be called just a typical year of triumphs and achievements. In 2023, the Model Y became the best-selling vehicle in the world, we launched our new Model 3 lineup, saw tremendous strides in our quest for FSD and we began deliveries of our innovative and highly anticipated Cybertruck. We also witnessed the beginning of the significant growth of our Energy Storage and Services and Other businesses. We believe these types of triumphs and achievements are normal course for Tesla because Tesla is a nimble organization with an unmatched pace of innovation that has resulted in products and services that surpass
all expectations driven by visionary leadership and most importantly the best and most dedicated employees in the world. We want to thank all of our employees for their outstanding efforts.
Of course, a key part of this nimble organization requires careful management of our resources. We recently announced a companywide restructuring that reduces our headcount by more than 10% globally. Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth, there has been a duplication of roles and job functions in certain areas.
We believe it is extremely important to look at every aspect of our business for cost reductions and increasing productivity.... https://www.proxydocs.com/0/002/033/484/tesla_ar_23ps_24.pdf
Have to say I am really shocked at the staff cuts Musk is making. They seem capricious and will cost the company dearly in terms of its operational capacity. The quality of people who are being sacked is very high. What that does to the morale of those still left will be problematical. The killing of the entire supercharger team makes no sense at all.Rebecca Tinucci, senior director of Tesla's (TSLA) Supercharger business, and Daniel Ho, director of vehicle programs and new product initiatives, will leave the company.Tesla job cuts: More senior execs said to quit, Supercharger team laid off
Two senior Tesla (TSLA) executives are exiting the company on Tuesday, with hundreds more layoffs planned, as CEO Elon Musk prioritizes reducing costs.seekingalpha.com
In an email sent by Musk to senior executives, the billionaire said he would lay off all staff working for Tinucci and Ho, including around 500 workers in the Supercharger team.
Have to say I am really shocked at the staff cuts Musk is making. They seem capricious and will cost the company dearly in terms of its operational capacity. The quality of people who are being sacked is very high. What that does to the morale of those still left will be problematical. The killing of the entire supercharger team makes no sense at all.
I suppose this is the modern day version of decimation.
Tesla conducting more layoffs, including entire Supercharger team
View attachment 176107 Jameson Dow | Apr 29 2024 - 11:09 pm PT
687 Comments
View attachment 176108
Just after laying off “more than 10%” of its global workforce, Tesla is laying off even more employees – including senior executives and long-time veterans of the company, most notably the entire Supercharging team and the executive responsible for negotiating NACS adoption across the industry.
Tesla started the week before last with news of a huge round of layoffs.
The layoffs were quite broad across the company. Tesla shortened production shifts at Gigafactory Texas and cleared out several teams associated with critical projects there, even firing important executives.
Tesla conducting more layoffs, including entire Supercharger team
The newest round includes Tesla's policy team, director of new products, and the entire group responsible for Supercharger rollout.electrek.co
I don't suppose the workers who have been sacked will still have their shares will they ? Won't they be lost ?Shareholders have an opportunity to vote and voice their opinion. Part of workers' pay incentive is shares in the company.
Teh Tesla EV charging network is miles ahead of any other, but there has been little progress in the past 3 to 5 years. Keep that up and they will not be the best for long.
I don't suppose the workers who have been sacked will still have their shares will they ? Won't they be lost ?
I am staggered that the supercharger network was axed. Given that all the other car companies are are now using the network this was an important way to boost profits.
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