15 Big Companies Laying Off in 2024

Page 5 of 5

1. Tesla, Inc. (NASDAQ:TSLA)

Laid off: 14,000

In April this year, Tesla, Inc. (NASDAQ:TSLA) declared to its employees that two senior executives at the company had resigned and that the electric car company would also be laying off more than 14,000 employees, which represented well over 10% of Tesla’s overall workforce. According to a report in The New York Times, Tesla, Inc. (NASDAQ:TSLA)’s decision to cut jobs was forced by a decrease in sales and growing competition in the industry. Thus far in 2024, Tesla, Inc. (NASDAQ:TSLA) has had the highest number of layoffs among big companies.

The company’s woes still continue unabated, with stocks having lost 8.2% of their value over the last 52 weeks. Aristotle Atlantic Focus Growth Strategy stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its first quarter 2024 investor letter:

We sold Tesla, Inc. (NASDAQ:TSLA) due to deteriorating fundamentals, and there have been significant negative earnings revisions over the past year. Tesla has announced several price cuts to its vehicles and has underscored competition in electric vehicles (EVs) globally. China seems especially competitive. More U.S. EV offerings are expected this year. The Full-Self Driving Capability feature is controversial, has regulatory and litigation risk, and has been chronically late. Elon Musk is trying to gain additional voting shares in Tesla stock. This could present governance issues where his voting share could exceed his economic share of the company.

At Insider Monkey, we delve into a variety of topics, ranging from job cuts to other business aspects in the industry; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and Jim Cramer is Recommending These Stocks.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 5 of 5