DETROIT (AP) — After reporting dismal first-quarter sales, Tesla (TSLA) is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday.
CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year.
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Shares of Tesla fell 3% at the opening bell Monday after the news broke. They have lost about one-third of their value so far this year.