12:11 PM EDT, 05/06/2024 (MT Newswires) -- Tesla (TSLA) started another round of layoffs over the weekend with workers across several departments, including software, service and engineering receiving an email between Friday and Sunday, Electrek reported Monday, citing sources familiar with the matter.

The layoffs were expected as Chief Executive Elon Musk told executives in an email last week that they would be laid off if they do not eliminate higher percentages of their teams, according to the report.

Musk reportedly told employees that layoffs were a result of speedy headcount growth in recent years that led to hiring inefficiencies and role duplication.

Tesla did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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