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Elon Musk's net worth soared to $447B, marking him as the first to exceed $400B. Key factors included SpaceX's massive valuation and Tesla's robust stock performance, cementing Musk as a leading financial and innovative force.

Elon Musk Net Worth Surges to $447 Billion

Elon Musk's fortune is $140 billion ahead of Jeff Bezos, the second-richest person on the Bloomberg Billionaires Index.

Elon Musk, the CEO of Tesla and founder of SpaceX, has become the first individual in history to amass a net worth of $400 billion, according to the Bloomberg Billionaires Index.
A recent share sale at SpaceX played a key role in this milestone, contributing roughly $50 billion to Musk&rsquo;s wealth and boosting SpaceX&rsquo;s valuation to $350 billion, making it the world&rsquo;s most valuable private company. This increase, combined with a surge in Tesla&rsquo;s stock price, pushed Musk&rsquo;s net worth to $447 billion.
Tesla shares hit an all-time high of $415, driven by investor optimism about the company&rsquo;s future in electric vehicles and clean energy. Musk&rsquo;s fortune has also been buoyed by broader market trends, particularly following the election of President-elect Donald Trump, with Tesla shares climbing 65% since his victory. Investors have been hopeful about regulatory changes under the new administration that could benefit Tesla, including potential updates to self-driving car regulations and tax policies.
In addition to SpaceX and Tesla, Musk&rsquo;s artificial intelligence company, xAI, has seen its valuation double to $50 billion since its May funding round, as the company works on developing advanced AI technologies.
While Musk&rsquo;s financial successes are unprecedented, he has encountered some setbacks. A Delaware court recently struck down his $100 billion Tesla pay package, a rare legal challenge. Nevertheless, this ruling is unlikely to affect Musk&rsquo;s standing as the world's wealthiest person.
As of December 10, Musk's fortune is $140 billion ahead of Jeff Bezos, the second-richest person on the Bloomberg Billionaires Index. Since early November, Musk has added about $136 billion to his wealth, cementing his position at the top of the global billionaire rankings.

Elon Musk's Tesla has reportedly resumed its search for showroom space in New Delhi, signaling a potential rethink of its entry into the Indian market.

Tesla's New Showroom Plans in India

Tesla, which had paused its search in recent months, is now in early talks with India&rsquo;s biggest property developer, DLF, to secure space in the capital region.

Elon Musk's Tesla has resumed its search for showroom space in New Delhi, signaling a potential rethink of its entry into the Indian market after initially halting investment plans earlier this year. According to news agency Reuters, Tesla, which had paused its search in recent months, is now in early talks with India&rsquo;s biggest property developer, DLF, to secure space in the capital region.
The discussions come after Musk's canceled trip to India in April, where he had been expected to announce a $2-3 billion investment. The visit was called off following Tesla's decision to lay off 10% of its staff due to falling sales. Tesla is reportedly looking for a space of 3,000 to 5,000 square feet for a consumer experience center and a much larger space for delivery and service operations.
While Tesla's search is still in the exploratory phase, the company is considering locations such as DLF&rsquo;s Avenue Mall in southern Delhi and the Cyber Hub in Gurugram. Tesla&rsquo;s potential showroom would be around 8,000 square feet in the Avenue Mall, where other foreign retailers like Uniqlo and Marks and Spencer have outlets.
Tesla is also weighing options around the Indian government&rsquo;s tax policies for electric vehicles (EVs), which could affect its decision to import cars at a 100% tax rate or benefit from a lower 15% tax rate if it commits to local investments. The government is eager to attract automakers like Hyundai and Toyota and is making efforts to relax provisions of its policy to stimulate the EV market, which currently represents about 2% of total car sales in India.
Meanwhile, Musk&rsquo;s Starlink is also considering entering India, following a successful lobbying effort to secure spectrum allocation against competition from billionaire Mukesh Ambani's ventures.

Tesla unveils the Cybercab, a fully autonomous, driverless vehicle without a steering wheel or pedals! Production starts in 2026, with prices below $30K. Elon Musk also revealed a spacious Robovan. The future of travel is here!

Cybercab: Elon Musk Unveils Tesla’s Fully Autonomous Robotaxi

Tesla unveils the Cybercab, a fully autonomous, driverless vehicle without a steering wheel or pedals! Production starts in 2026, with prices below $30K. Elon Musk also revealed a spacious Robovan. The future of travel is here!

Robotaxi &amp; Robovan!
No, we are not talking about some sci-fi concept.
These are prototypes of Tesla&rsquo;s fully autonomous vehicles called Cybercabs, which will have neither steering wheels nor pedals.
The company's CEO, Elon Musk, unveiled these prototypes at an event called "We Robot."
Musk drove onto the stage in a Cybercab prototype and announced that production will begin in 2026.
He added that these vehicles will be available for less than $30,000, which translates to approximately 25 lakh rupees.
Hit the like button if you enjoyed the story. And don't forget to subscribe for more such updates.&nbsp;

A video shows Tesla burst into flames inside a Florida garage. Car flooded with saltwater as
Hurricane Helene wreaked havoc. Video released by officials to warn electric car owners. Fire started from underneath
the electric car. Fire fully engulfed t

Hurricane Helene: Video Shows Tesla Erupting Into Flames in Flooded Florida Garage

A video shows Tesla burst into flames inside a Florida garage. Car flooded with saltwater as
Hurricane Helene wreaked havoc. Video released by officials to warn electric car owners. Fire started from underneath
the electric car. Fire fully engulfed the car in less than a minute.

A video shows Tesla burst into flames inside a Florida garage. Car flooded with saltwater as Hurricane Helene wreaked havoc.

A video shows Tesla burst into flames inside a Florida garage. Car flooded with saltwater as Hurricane Helene wreaked havoc. Video released by officials to warn electric car owners. Fire started from underneath the electric car. Fire fully engulfed the car in less than a minute.

Chechen leader said machine gun-mounted car served in the war zone. Kadyrov praised the truck's maneuverability in war and the safety it provided.&nbsp;

Tesla Remotely Disables Cyber Truck Deployed In Russia-Ukraine War | Chechen Boss Slams Elon Musk

Chechen leader said machine gun-mounted car served in the war zone. Kadyrov praised the truck's maneuverability in war and the safety it provided. 

Chechen leader said machine gun-mounted car served in the war zone. Kadyrov praised the truck's maneuverability in war and the safety it provided.&nbsp;

Months after Chechen boss deployed Cyber truck in war Tesla remotely disabled vehicle, Chechen boss Ramzan Kadyrov hit out at richest man Elon Musk for disabling Cyber Truck. Kadyrov claims Musk acted badly by gifting a costly car &amp; turning it off remotely. Chechen leader also said machine gun-mounted car served in the war zone. Kadyrov praised the truck's maneuverability in war and the safety it provided.&nbsp;
He said, "We had to toe the iron horse from Ukraine war front." Kadyrov had flaunted a modified Cyber truck in August and sent Tesla vehicle to Ukraine front. Kadyrov posted a picture of Tesla vehicle mounted with a machine gun, Kadyrov posted a video driving Tesla, with a bullet-laden belt over his neck.&nbsp;
Video created a stir on how Tesla truck reached Putin's close ally. Kadyrov had also invited Elon Musk to Grozny as a special guest. In a separate video, Chechen forces were seen destroying Musk's Starlink terminal in the war zone

The leader of Russia's Chechen Republic, Ramzan Kadyrov, was seen flaunting a customised Tesla Cyber Truck, equipped with a machine gun. The Vladimir Putin ally said the reinforced truck would be sent to the Russian forces fighting the war in Ukraine.

Chechen Boss Flaunts Tesla Cyber Truck Customised For Russia's War On Ukraine, Thanks Elon Musk

The leader of Russia's Chechen Republic, Ramzan Kadyrov, was seen flaunting a customised Tesla Cyber Truck, equipped with a machine gun. The Vladimir Putin ally said the reinforced truck would be sent to the Russian forces fighting the war in Ukraine.
Calling it one of the best cars in the world, the Chechen boss said the high tech features would be in demand at the North-East Military District zone.


The leader of Russia's Chechen Republic, Ramzan Kadyrov, was seen flaunting a customised Tesla Cyber Truck, equipped with a machine gun. The Vladimir Putin ally said the reinforced truck would be sent to the Russian forces fighting the war in Ukraine.

The leader of Russia's Chechen Republic, Ramzan Kadyrov, was seen flaunting a customised Tesla Cyber Truck, equipped with a machine gun. The Putin ally said the reinforced truck would be sent to the Russian forces fighting the war in Ukraine.
Calling it one of the best cars in the world, the Chechen boss said the high-tech features would be in demand at the North-East Military District zone.
As the Tesla product is currently on sale only in North America, it is not clear how Kadyrov got his hands on the vehicle.
Kadyrov thanked Elon Musk for the truck and praised his genius. He said and I quote ''I express my sincere gratitude to Elon Musk! This is, of course, the strongest genius of our time and a specialist. Great man! &nbsp;Elon, thank you! Come to Grozny, I will receive you as my dearest guest! I don&rsquo;t think the Russian Foreign Ministry will be against such a trip.'
Kadyrov also said he was looking forward to other developments in the car industry that could help Moscow finish the military operation in Ukraine.
&nbsp;

As Tesla is stricken by sales and revenue drop, the electric vehicle maker is driven to reduce its global workforce. The company is planning to let go 316 employees at its Buffalo site in New York this summer

Tesla Layoffs: 316 employees in New York site to be let go amid large scale job cuts

<h2>As Tesla is stricken by sales and revenue drop, the electric vehicle maker is driven to reduce its global workforce. The company is planning to let go 316 employees at its Buffalo site in New York this summer</h2>

Electric Vehicle maker Tesla is planning to lay off 316 employees at its New York site Buffalo, reported USA Today. The global worforce reduction comes amid a drop in the sales and revenue, vehicle recalls and price cutting.
<h3>Layoffs by Tesla</h3>
Tesla in a filing with the New York State Department of Labor indicated that over 300 employees at its Buffalo work site would be laid off this summer. This filing was posted &nbsp;under the WARN Act, a U.S. labor law that requires employers with 100 or more employees to provide 60 days notification in advance of planned closings or mass layoffs to protect workers and their families.
As per the latest WARN notice, a total of 2,025 employees work at the Buffalo plant.&nbsp;
Electric vehicle maker Tesla has been reducing the headcount owing to the drop in sales amid the global uncertainities. Earlier this week, reports of Tesla planning to over 6,700 employees across its various locations, including Texas, California, Nevada, and New York emerged. This layoffs will impact the software, service, and engineering departments.
Tesla last month disclosed that it anticipates incurring over $350 million in costs related to these mass layoffs in the second quarter. The restructuring also led to the departure of several top executives, including Drew Baglino, Rohan Patel, Rebecca Tinucci, and Daniel Ho.
Also Watch: <a href="https://www.editorji.com/business-news/tesla-layoffs-ev-maker-likely-to-further-downsize-6700-jobs-in-software-services-team-likely-to-be-cut-1715086088136">Tesla layoffs: EV maker likely to further downsize, 6700 jobs in software, services team likely to be cut</a>

Amid the restructuring efforts to mitigate the losses incurred due to the drop in sales, electric vehicle maker Tesla has announced that it is planning to lay off over 6,700 employees across its various locations like Texas, California, Nevada, and New York

Tesla layoffs: EV maker likely to further downsize, 6700 jobs in software, services team likely to be cut

<h2>Amid the restructuring efforts to mitigate the losses incurred due to the drop in sales, electric vehicle maker Tesla has announced that it is planning to lay off over 6,700 employees across its various locations like Texas, California, Nevada, and New York</h2>

Electric vehicle maker Tesla has been reducing the headcount owing to the drop in sales amid the global uncertainities. As per tech publication Electrek, Tesla is now planning to &nbsp;lay off over 6,700 employees across its various locations, including Texas, California, Nevada, and New York. This layoffs will impact the software, service, and engineering departments.
<h3>Layoffs by Tesla</h3>
The decision to layoffs comes as the company faces numerous challenges, such as declining sales and an intensified price war among automakers, exacerbated by high-interest rates dampening the adoption rate of electric vehicles.&nbsp;
According to internal emails obtained by Electrek, Tesla communicated these changes to its employees over the weekend, suggesting a major organizational reshuffle is underway. "We are streamlining our operations to enhance our efficiency," a Tesla spokesperson said, reflecting the company's strategic adjustments.
Meanwhile, Tesla's shares surged by over 1% on Monday. Tesla last month disclosed that it anticipates incurring over $350 million in costs related to these mass layoffs in the second quarter. The restructuring also led to the departure of several top executives, including Drew Baglino, Rohan Patel, Rebecca Tinucci, and Daniel Ho.
Also Watch: <a href="https://www.editorji.com/business-news/tesla-layoffs-elon-musk-sacks-two-senior-executives-to-lay-off-100-more-employees-1714470925500">Tesla Layoffs: Elon Musk sacks two senior executives, to lay off 100 more employees</a>

Elon Musk had earlier invited Warren Buffett to invest in Tesla during its early stages when the company's value stood at a mere 0.1%, amounting to less than $7 billion of its present valuation

As Tesla sales drag down, Elon Musk asks billionaire Warren Buffett to invest in the EV maker

<h2>Elon Musk had earlier invited Warren Buffett to invest in Tesla during its early stages when the company's value stood at a mere 0.1%, amounting to less than $7 billion of its present valuation</h2>

Elon Musk invited billionaire investor Warren Buffett to invest in his firm Tesla. This comes as the EV maker is grappling with a drop in sales.&nbsp;
<h3>Elon Musk's invitation</h3>
A user on X said that Warren Buffett must divest his stake in Apple and direct his investments towards Tesla. Responding to it, Musk said, such a move would be "obvious" for the seasoned investor.
<blockquote class="twitter-tweet">
c'mon Warren Buffett, sell all your <a href="https://twitter.com/search?q=%24AAPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAPL</a> and buy <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a>
&mdash; Gali (@Gfilche) <a href="https://twitter.com/Gfilche/status/1787313772933366194?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
"He (Buffett) should take a position in Tesla. It's an obvious move," declared Musk in a social media post.&nbsp;
<blockquote class="twitter-tweet">
He should take a position in Tesla. It&rsquo;s an obvious move.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787325206677401672?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
This is not the first time, Musk has reached out to Buffett regarding investment. Earlier, the Tesla founder invited Buffett to invest in Tesla during its early stages when the company's value stood at a mere 0.1%, amounting to less than $7 billion of its present valuation.
While Warren Buffett's Berkshire Hathaway holds a stake in Chinese EV manufacturer BYD, it has yet to acquire shares in Tesla. Tesla reported significant losses in the first quarter of this year, witnessing a staggering 55% decline in net profit, dropping from $2.51 billion to $1.13 billion compared to the same period last year.
Also Watch: <a href="https://www.editorji.com/business-news/berkshire-agm-key-highlights-of-warren-buffett-s-address-here-s-what-he-said-about-india-1714979887627">Berkshire AGM: Key highlights of Warren Buffett's address; here's what he said about India</a>

For internships, Tesla hires over 3,000 university and community college students from around the world each year

Tesla revokes offer to interns weeks before their start date

<h2>For internships, Tesla hires over 3,000 university and community college students from around the world each year</h2>

Amid a massive layoffs wave, Electric car maker Tesla has revoked the offers to interns just weeks before the internships were set to start, reported Bloomberg. The employees who were offered internship took to LinkedIn to appeal to other employers to take them in.
<h3>Tesla revokes offers</h3>
A Miami University student Joshua Schreiber who was set to start the internship in three weeks said that his internship offer was gone. Schreiber had already spent &ldquo;thousands on housing.&rdquo;
&ldquo;At 8:46am, I opened a Tesla email for flight info. By 11:25am, my internship offer was gone,&rdquo; wrote Miami University student Joshua Schreiber
Like Schreiber, many other would-be interns at Tesla are nearing their college end term and are now left with less time to find replacement gigs for the summer. Brook Gura, a communications student at the University of Texas at Austin said that she got a call that her offer was yanked three weeks before her start date as part of the company&rsquo;s mass layoffs. In a post she wrote, "Rejection is redirection. While I am incredibly disappointed that I will not have the summer I intended to have, I know that this moment will only help me grow stronger as a professional"
Meanwhile, a current employee at Tesla asked her virtual network to hire one of the interns who was meant to start soon at the carmaker. &ldquo;Please make our loss your gain!&rdquo; wrote Diana Rosenberg, who works in battery supply at Tesla, according to her profile.
She further blamed the decision to rescind the intern offer on the massive layoffs unfolding at the carmaker.&nbsp;
<h3>Tesla Internship salaries</h3>
As per Glassdoor, at least one of the posts was for an unpaid position, while paid internships at the automaker typically offer $18 to $28 an hour. As per Tesla's last impact report, more than 3,000 university and community college students from around the world are hired for Tesla internships each year.&nbsp;
Rescinding the offer decision is likely to have an impact in the company&rsquo;s hiring pipeline.
Also watch: <a href="https://www.editorji.com/business-news/tesla-layoffs-elon-musk-sacks-two-senior-executives-to-lay-off-100-more-employees-1714470925500">Tesla Layoffs: Elon Musk sacks two senior executives, to lay off 100 more employees</a>

Tesla has fired two senior executives Rebecca Tinucci and Daniel Ho and is also planning to fire everyone working for Tinucci and Ho along with around 500 employees who work in the Supercharger group

Tesla Layoffs: Elon Musk sacks two senior executives, to lay off 100 more employees

<h2>Tesla has fired two senior executives Rebecca Tinucci and Daniel Ho and is also planning to fire everyone working for Tinucci and Ho along with around 500 employees who work in the Supercharger group</h2>

Frustrated over the falling sales, Elon Musk has fired two senior executives of Tesla and is planning to lay off 100 more employees, reported The Information. As per the report, Rebecca Tinucci, senior director of the electric vehicle maker's Supercharger business, and Daniel Ho, head of the new vehicles program have been laid off
<h3>Layoffs by Tesla</h3>
Musk is also planning to fire everyone working for Tinucci and Ho along with around 500 employees who work in the Supercharger group. The report further mentioned that Tesla's Public Policy team led by former executive Rohan Patel, will also be dissolved.
"Hopefully these actions are making it clear that we need to be absolutely hard core about headcount and cost reduction," Musk wrote in the email seen by The Information.
As per company filings, the total headcount of the company late last year stood at over 1,40,000 which was up from around 100,000 at the end of 2021. Last week, the firm announced a big drop in its quarterly profits amid cut-throat competition in the electric vehicle market and layoffs. The world's top EV maker made $1.13 billion from January to March, down 55% from the year-ago quarter, on revenues of $21.3 billion.
Also Watch: <a href="https://www.editorji.com/business-news/tesla-to-layoff-6-000-employees-in-california-and-texas-amid-slowing-demand-report-1713940835339">Tesla to layoff 6,000 employees in California and Texas amid slowing demand: Report</a>
&nbsp;
&nbsp;
&nbsp;

Starting July 14, Tesla will be cutting 3,332 jobs in California and 2,688 jobs in Texas taking the total count to 6,020 as it reels under pressure from dropping sales and an intensifying price war among EV makers

Tesla to layoff 6,000 employees in California and Texas amid slowing demand: Report

<h2>Starting July 14, Tesla will be cutting 3,332 jobs in California and 2,688 jobs in Texas taking the total count to 6,020 as it reels under pressure from dropping sales and an intensifying price war among EV makers</h2>

In a massive job cut rounds, Tesla has announced that it will lay off 6,020 employees in California and Texas, reported Reuters. As per the report, Tesla CEO Elon Musk is expected to outline the electric-vehicle maker's strategy to combat slowing demand and falling margins.
<h3>Layoffs by Tesla</h3>
As the company is reeling under pressure from dropping sales and an intensifying price war among EV makers, the firm last week announced that it would cut more than 10% of employees from its global workforce.
The company has disclosed the number of employees who would be affected in notices to the states of Texas and California on Monday, as under the US labor law companies with 100 or more employees are required to notify 60 days ahead of planned closings or mass layoffs.
By this, Tesla will cut 3,332 jobs in California and eliminate 2,688 positions in Texas, starting June 14. The job cuts in Texas represent 12% of Tesla's total workforce of 22,777 in the greater Austin area, where its gigafactory and headquarters are located. Meanwhile, the global job cuts would include 285 employees at its Buffalo, New York premises. The New York premises houses the labeling team for its Autopilot driver assistance software that makes fast-charging equipment.
As per company filings, the total headcount of the company late last year stood at over 1,40,000 which was up from around 100,000 at the end of 2021.&nbsp;
Tesla's CEO Elon Musk called the recent job cuts at Tesla a &ldquo;necessary step" to reorganise the company for the next phase of growth. On Tuesday, the firm announced a big drop in its quarterly profits amid cut-throat competition in the electric vehicle market and layoffs. The world's top EV maker made $1.13 billion from January to March, down 55% from the year-ago quarter, on revenues of $21.3 billion.
Meanwhile, Tesla has disclosed its decision to prioritize utilizing its existing manufacturing capabilities rather than investing in new factories in countries like Mexico and India. The move comes as Tesla aims to increase its production by 50% from 2023 onwards, eyeing a capacity of nearly 3 million vehicles without expanding into new manufacturing lines.
Also Watch: <a href="https://www.editorji.com/business-news/tesla-s-new-marketing-team-laid-off-months-after-its-formation-1713873615907">Tesla's new marketing team laid off months after its formation</a>
&nbsp;

Plans for a factory in India by Tesla are now uncertain. The company's decision to prioritize cost-effective vehicle production over new factories has caused havoc in the market, with doubts arising amidst declining electric vehicle sales. 

Tesla's focus on low-cost vehicles casts doubt on India factory plans

Plans for a factory in India by Tesla are now uncertain. The company's decision to prioritize cost-effective vehicle production over new factories has caused havoc in the market, with doubts arising amidst declining electric vehicle sales.&nbsp;

Tesla's recent announcement of a shift in strategy towards producing more cost-effective vehicles has thrown its plans for factory expansions in India into uncertainty. The company, led by Elon Musk, disclosed its decision to prioritize utilizing its existing manufacturing capabilities rather than investing in new factories in countries like Mexico and India.
The move comes as Tesla aims to increase its production by 50% from 2023 onwards, eyeing a capacity of nearly 3 million vehicles without expanding into new manufacturing lines just yet. While this adjustment may lead to slightly less cost reduction than initially projected, Tesla believes it's a prudent approach to grow its vehicle volumes in a capital-expenditure efficient manner amidst uncertain market conditions.
Investors reacted positively to Tesla's cautious stance, driving a notable 12% surge in Tesla shares during after-hours trading, despite the company's quarterly results falling short of financial expectations.
Previously, Elon Musk had set sights on releasing the cheaper Model 2 by the second half of 2025. However, Lars Moravy, Tesla's Head of Engineering, emphasized the risks associated with establishing new manufacturing processes and production lines. This prompted a strategic pivot towards leveraging existing facilities for the production of low-cost vehicles, described as a "major strategy shift" by Moravy.
Musk's plans for establishing a factory in India, following discussions with Prime Minister Narendra Modi, have been put on hold. Musk cited "very heavy Tesla obligations" for canceling the meeting, indicating that the company's current focus is on optimizing existing production capabilities rather than venturing into new territories.
As Tesla adapts its strategy to meet evolving market dynamics, the future of its India factory plans remains uncertain, reflecting the challenges and complexities inherent in the global automotive industry.

As Tesla's sales fell down with the company reporting lower-than-expected delivery numbers, Elon Musk has fired Tesla's entire US "growth content" team that comprised of 40 employees

Tesla's new marketing team laid off months after its formation

<h2>As Tesla's sales fell down with the company reporting lower-than-expected delivery numbers, Elon Musk has fired Tesla's entire US "growth content" team that comprised of 40 employees</h2>

In a recent round of job cuts, Tesla has sacked its entire US "growth content" team just months after its formation. As per Bloomberg, the team comprises of 40 employees. Tesla also has a small marketing team based in Europe.
The current layoffs also come at a time when sales have fallen and the company reported lower-than-expected delivery numbers. The Tesla stock has also been under pressure as the EV maker cut prices globally.
<h3>Tesla Layoffs</h3>
Elon Musk had responded to a post on X that said the laid off staff "could've done a better job with their ads."
&ldquo;Exactly. The ads were far too generic &ndash; could've been any car&rdquo;, Elon Musk wrote after which the employees were let go.
Last week, he had told the Tesla employees that he was laying off more than 10% of the company's workforce.
As per media reports, several of the Tesla employees were notified via a phone call that their roles had been cut.&nbsp;
For so many years, the electric car maker Tesla has survived without any traditional advertising. However, last May Elon Musk changed this after Tesla investors called for it. In a shareholder event he said, &ldquo;try out a little advertising and see how it goes&rdquo;.
&nbsp;

Shares in the Elon Musk-owned company slid nearly 4% in intraday trading on Thursday

Tesla's shares drop below $150, wipes out yearly gains

Shares in the Elon Musk-owned company slid nearly 4% in intraday trading on Thursday

Tesla's stock tumbled below $150 per share, giving up all of the gains made over the past year as the electric vehicle maker reels from falling sales and steep discounts intended to lure more buyers.
Shares in the Elon Musk-owned company slid nearly 4% in intraday trading Thursday, in what now stands as the third worst week for the stock in 2024, a year that has been dismal for Tesla investors. The Austin, Texas company's shares are down 12.4% this week and more than 39% this year.
Shares of Tesla Inc last traded at the $150 level in January 2023.
It's also been a bad year for employees. Tesla said Monday that it was cutting 10% of its staff globally, about 14,000 jobs. The next day, Tesla announced it would try to re-instate Musk's $56 billion pay package that was rejected by a Delaware judge in January, who said that the arrangement was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.
At the time of the Delaware court ruling, Musk's package was worth more than $55.8 billion, but the stock slide has cut that to $44.9 billion at the close of trading on Friday, according to a company filing last week.
Tesla shares hit an all-time intraday high of $415.50 in November of 2021, adjusted for a 3-for-1 stock split that took effect in August 2022.
Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The company said it delivered 386,810 vehicles from January through March, nearly 9% below the 423,000 it sold in the same quarter of last year.
Dan Ives, an analyst with Wedbush who has been very bullish on Tesla's stock, called the first quarter sales numbers an &ldquo;unmitigated disaster".
&ldquo;For Musk, this is a fork in the road time to get Tesla through this turbulent period otherwise dark days could be ahead,&rdquo; Ives wrote this week.
Yet on Thursday, Deutsche Bank joined other industry analysts in voicing concern over Musk's big bet on autonomous vehicles as it stripped the company of its &ldquo;buy&rdquo; rating, citing Tesla's &ldquo;change of strategic priority to Robotaxi&rdquo;.
Wall Street expects that Tesla will report a decline in first quarter earnings next week and many are wondering if there's any near-term catalyst for growth that would end Tesla's stock slide. Industry analysts were expecting a new small electric vehicle for the masses that would cost around $25,000, the Model 2, but there were reports last week that Musk was scrapping that project.
Musk disputed the reports, but wrote on X, the social media platform that he owns, that Tesla would unveil a robotaxi at an event on Aug 8.
Uncertainty over the release of a cheaper vehicle from Tesla has altered the equation for analysts like Deutche Bank's Emmanuel Rosner.
Such a delay would tie Tesla's future more closely to &ldquo;cracking the code on full driverless autonomy, which represents a significant technological, regulatory and operational challenge. We view Tesla's shift as thesis-changing,&rdquo; Rosner wrote.
Since last year, Tesla has cut prices as much as $20,000 on some models as it faced increasing competition and slowing demand.

Tesla, facing declining sales and heightened competition in the electric vehicle market, plans to reduce its global workforce by over 10%. CEO Elon Musk underscores the need for cost reductions amidst an intensifying price war for EVs

Tesla announces over 10% workforce cut amidst sales challenges

Tesla, facing declining sales and heightened competition in the electric vehicle market, plans to reduce its global workforce by over 10%. CEO Elon Musk underscores the need for cost reductions amidst an intensifying price war for EVs

Tesla, the electric vehicle giant, is set to reduce its global workforce by over 10%, according to an internal memo obtained by Reuters. This move comes amidst a challenging period for the company, marked by declining sales and increasing competition within the electric vehicle market.
With approximately 140,473 employees worldwide as of December 2023, Tesla has not disclosed the exact number of jobs that will be affected. However, some employees have already been notified of the layoffs, indicating the immediacy of the decision.
In the memo, Tesla CEO Elon Musk emphasized the necessity of cost reductions and productivity enhancements as the company prepares for its next phase of growth. The layoffs, exceeding 10% globally, are a result of a thorough review of the organization's structure.
This announcement follows a series of setbacks for Tesla, including a 31% decline in its stock value since the beginning of the year. Despite pioneering the electric vehicle market, Tesla has faced stiff competition from traditional automakers such as Toyota and General Motors, whose shares have surged in comparison.
The company's challenges extend beyond sales figures. Tesla's gross profit margin in the fourth quarter hit a four-year low, reflecting pricing pressures and heightened competition, particularly in key markets like China.
The decision to reduce its workforce underscores Tesla's acknowledgement of weakening demand and the need to streamline operations. This comes on the heels of disappointing first-quarter delivery figures, which marked the first decline in nearly four years.
As Tesla braces for a slower year ahead, it faces the task of revitalizing consumer interest amid economic uncertainties and increased competition. With its quarterly earnings report scheduled for April 23, investors and analysts will be closely monitoring the company's strategic initiatives to navigate the evolving landscape of the electric vehicle industry.

Tesla explores 1st showroom sites in India, eyes sales launch in 2024

<h2 class="MainStory_strydsc__P6kfv">Tesla wants to begin with a showroom of 3,000 to 5,000 square feet (280-465 square metres) as well as a service hub in each city: Report</h2>

US electric carmaker Tesla eyes potential showroom sites in New Delhi and Mumbai as it prepares to initiate sales in India later this year, according to Bloomberg sources.
Tesla, which saw its global vehicle deliveries decline in the first quarter for the first time in nearly four years, is stepping up efforts to expand into new markets.
According to the further report, Tesla plans include establishing 3,000 to 5,000 square feet showrooms and service hubs in each city.
Tesla's CEO Elon Musk is anticipated to announce investments and meet with Prime Minister Narendra Modi during his upcoming two-day visit to India on 21st and 22nd April.

Tesla secures chip supply deal with Tata Electronics before Elon Musk's anticipated visit to India, potentially announcing investment plans amidst growing interest in the country's EV sector

Tata Electronics signs semiconductor deal with Tesla: Report

Tesla secures chip supply deal with Tata Electronics before Elon Musk's anticipated visit to India, potentially announcing investment plans amidst growing interest in the country's EV sector

Tata Electronics has reportedly secured a deal with Tesla, to provide semiconductor chips for its global operations. According to sources cited by The Economic Times, the deal signals Tesla's interest in establishing a robust supply chain in India, extending beyond local revenue generation. This development precedes Tesla CEO Elon Musk's anticipated visit to India, during which he is slated to meet with Prime Minister Narendra Modi and potentially unveil plans for investments in the country.
The details of the deal remain undisclosed as of now. Musk had earlier expressed his anticipation for the meeting with Prime Minister Modi via his Twitter account, hinting at significant developments on the horizon.
The timing of Tesla's engagement with India is notable, coinciding with the Indian government's unveiling of a new EV policy aimed at incentivizing investments in the sector. The policy includes a substantial reduction in import taxes for manufacturers committing to significant investments and local production.
Tesla's foray into India comes amid challenges in its primary markets, including the United States and China, where it recently reported a drop in first-quarter deliveries below analyst expectations. In response, the company has intensified efforts to expand its presence in India, reportedly scouting for suitable locations to establish a manufacturing facility.
Both Gujarat and Maharashtra have extended attractive land offers to Tesla for the construction of an electric vehicle manufacturing unit. A report by Reuters suggests that Tesla officials will visit India later this month to assess potential sites for the proposed facility, which is expected to necessitate an investment of approximately $2 billion.
As Tesla accelerates its plans to penetrate the Indian market, all eyes are on the outcome of Musk's visit and the potential implications for India's electric vehicle ecosystem.

Tesla Motors is engaged in advanced discussions with Reliance Industries to establish a joint venture aimed at manufacturing electric vehicles (EVs) in India. Meanwhile, Maharashtra is emerging as a favored location for the manufacturing facility

Tesla in advanced talks with Reliance for EV manufacturing venture in India: Report 

Tesla Motors is engaged in advanced discussions with Reliance Industries to establish a joint venture aimed at manufacturing electric vehicles (EVs) in India. Meanwhile, Maharashtra is emerging as a favored location for the manufacturing facility

Tesla Motors is reportedly in discussions with Reliance Industries to establish a joint venture for manufacturing electric vehicles in India. Sources close to the matter revealed to Business Line that the talks have been underway for over a month, indicating Tesla's serious interest in expanding its presence in the Indian market.
While the specifics of the partnership are still being ironed out, it's believed that RIL aims to provide capacities to build India's EV ecosystem rather than directly entering the automobile sector.&nbsp;
Tesla is said to be allocating a substantial $2 billion investment towards its Indian venture. The company is exploring various locations across India, with Maharashtra emerging as a potential frontrunner due to its port facilities, crucial for domestic production and exports.
Elon Musk, Tesla's CEO, expressed optimism about India's potential market during a recent virtual session. He emphasized the necessity of electric vehicles in India, hinting at Tesla's eagerness to tap into this burgeoning market.
The impending visit of senior Tesla officials to finalize the joint venture and select a suitable plant location underscores the company's commitment to establishing a robust manufacturing base in India. However, sources as per Business Line, caution that the talks with RIL are not exclusive, leaving room for Tesla to explore alternative partnerships if needed.
The potential collaboration between Tesla and RIL holds promise for India's EV industry, potentially accelerating the adoption of sustainable transportation solutions in the country. As the discussions progress, stakeholders eagerly await further developments in this strategic partnership that could reshape India's automotive landscape.

Tesla's focus is on states that have automotive hubs such as Maharashtra, Gujarat and Tamil Nadu to set up its proposed $2 billion to $3 billion electric car plant

Tesla to send a team to scout locations to set up its $3 billion factory in India

<h2>Tesla's focus is on states that have automotive hubs such as Maharashtra, Gujarat and Tamil Nadu to set up its proposed $2 billion to $3 billion electric car plant</h2>

Electric carmaker Tesla is sending a team to scout locations to set up its proposed $2 billion to $3 billion electric car plant in India, reported Financial Times. As per the report, the focus is on states including Maharashtra, Gujarat and Tamil Nadu, that have automotive hubs.
<h3>Tesla factory in India</h3>
This comes at a time when Tesla reported a drop in first-quarter deliveries and missing estimates amid low demand and rise in competition in its main markets of the U.S. and China. Tesla's CEO Elon Musk has been pushing to enter the Indian market for years now. However, the Indian government required a commitment to local manufacturing.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/tesla-to-introduce-smaller-batteries-for-its-car-in-india-report-1704449144198">Tesla to introduce smaller batteries for its car in India: Report</a>
The government last month lowered import taxes on certain electric vehicles produced by carmakers that commit to invest at least $500 million and start domestic manufacturing within three years.
Talks between Tesla and the government have been going on for the last one year. Elon Musk even met with Prime Minister Narendra Modi in June. Following this meet, in July the ev maker said that it was interested in building a factory in India to produce an EV priced at $24,000. Reuters had earlier reported that Tesla also called for lower taxes on more expensive models it wants to sell in India

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