Tesla, the electric car giant helmed by Elon Musk, is set to lay off more than 10% of its global workforce after reporting disappointing first-quarter sales. 
In a memo sent to all employees, Musk explained that the company needs to tighten its belt as it gears up for its next phase of growth. \"As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,\" he wrote.
The layoffs could impact around 14,000 employees out of the 140,473 workers Tesla had at the end of last year. That's a significant chunk of the team that's been driving innovation from Tesla’s base in Austin, Texas. 
\"As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10 percent globally,\" Musk continued in the memo.
This move comes as Tesla faces challenges in maintaining its sales momentum. The company's focus on cost-cutting and productivity hints at a strategic pivot to navigate a competitive market and economic uncertainties. 
For young professionals and investors keeping an eye on global markets, Tesla's decision signals a noteworthy shift in the tech and automotive industries. Stay tuned for more updates as this story develops! 
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Tesla laying off more than 10% of staff globally as sales fall
cgtn.com
