Elon Musk’s Tesla layoffs ‘worst’ announcement ‘in history,’ tech analyst says

Pete Pachal, CoinDesk's chief of staff for the content team, joined "Mornings with Maria," Monday, arguing that Elon Musk’s Tesla layoff announcement is the "worst… in history" and that it’s due to the bad "economy."

PETE PASCHAL: Is this not one of the worst announcements of layoffs in history?... There's a reason companies usually execute the layoffs, the time they announce it… it's tough, and it's hard, but at least you're not in limbo… can you imagine working at Tesla now, not knowing if you're going have a job in a few weeks?

…

Honestly, I see what's happening here in terms of his salaried employees, it's not much different than what's going on at a lot of tech companies. Obviously, there's been a lot of announcements of layoffs from big ones to small ones for different reasons on a monetary level.

But it's really… the economy and a lot of these tech companies staffed up during the pandemic. There were a lot of trends due to lockdowns and things around the pandemic that led to a certain amount of success, so they staffed up and that's inevitably going to lead to bloat. Tesla alone hired something like 15,000 to 20,000 employees in the past few years, and now they're at 100,000 worldwide… there's probably some bloat in there, and it's probably made worse by the fact that Tesla's stock price was ridiculous in 2021, going as high as something like $1,200 in… November, and… that's probably just added to the problem. 

MUSK SAYS TESLA'S TOTAL HEADCOUNT WILL INCREASE

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