Published: Thu, June 14, 2018
Money | By Ralph Mccoy

Elon Musk buys $25m in Tesla stock after job cuts news

Elon Musk buys $25m in Tesla stock after job cuts news

"As part of this effort, and the need to reduce costs and become profitable, we have made the hard decision to let go of approximately 9 percent of our colleagues across the company", the e-mail read.

Musk also said that Tesla had decided not to renew a residential sales agreement with Home Depot, and would focus instead on selling its solar products through its own stores and website.

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk bought 72,500 shares of the company's common stock, a regulatory filing showed on Wednesday. The company posted its largest quarterly loss, of more than $700 million, earlier this year.

Tesla Motors is culling 9 percent of its staff across the company as it seeks to reduce costs and become profitable without endangering the critical production ramp-up for its Model 3 sedan. He thanked departing employees for their hard work and said Tesla is providing "significant salary and stock vesting" to those being let go, based on their length of service.

That said, Musk claims Tesla will soon be rolling out yet another update created to help users avoid the alerts entirely.

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Tesla CEO Elon Musk responded by saying it's hard to walk the line between annoying users and preserving driver safety.

This wouldn't be the first time Musk has undertaken such a gambit.

Musk wrote in the email that the company will never achieve its mission to help move the world to cleaner energy "unless we eventually demonstrate that we can be sustainably profitable".

He wrote that reaching Musk's Model 3 production goal of 5,000 vehicles per week by the end of June is still the primary driver of profitability. He said most Tesla employees working at Home Depot will be offered a chance to move to Tesla retail locations.

The Model 3 starts at $35,000, but lower-priced configurations are not available yet.

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