🚀 Tesla Cutting Workforce

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Tesla shares dropped in early trading on Monday following reports that the company may cut over 10% of its global workforce, as detailed in an internal memo by CEO Elon Musk and reported by Reuters and Electrek. Musk's memo highlighted the necessity for cost reductions and enhanced productivity to gear up for Tesla's next growth phase. This development arrives amid challenging times for Tesla, which has experienced a 31% decrease in its share price this year, attributed to diminished demand for electric vehicles and increased competition from Chinese automakers. Furthermore, Tesla recently announced its first annual decline in vehicle deliveries and production since 2020.

2. Shares of Trump Media plummeted over 15% on Monday after the company announced plans to issue millions of additional shares. This drop coincided with the start of Donald Trump's criminal trial in Manhattan, which involved hush money charges. Trump, who holds a majority stake in Trump Media, witnessed the company's shares decline nearly 20% the previous week. Since its market debut on March 26, the stock has lost more than 62% of its value, reducing the company’s market cap from over $9 billion to around $3.7 billion. In a recent SEC filing, Trump Media outlined its intention to issue over 21.4 million shares through warrant exercises, potentially raising about $247.1 million. Additionally, the company plans to enable the resale of up to 146.1 million shares, with Trump owning 78.8 million directly. Despite Trump Media’s significant stock valuation, the company reported a substantial net loss of $58.2 million on mere revenues of $4.1 million for 2023.

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4. Headlines

   1. Retail sales were up in March in a positive sign for the US economy.

   2. Oil markets are expected to remain relatively stable despite the conflict in the middle east.

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