Tesla Inc is likely to start laying off employees in the next quarter and go on a hiring freeze, according to a news report by Electrek. However, Tesla has not released any statement denying or accepting the same. Additionally, Tesla analysts have lowered their price forecasts for the company out of concern that sluggish Chinese demand may hinder the EV manufacturer's deliveries in 2019.

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CEO Elon Musk in June said Tesla would reduce its salaried workforce by roughly 10 percent over the next three months. Last week Bloomberg reported that Elon Musk’s bankers are considering providing the billionaire with new margin loans backed by Tesla Inc. stock to replace some of the high-interest debt he layered on Twitter Inc., according to people with knowledge of the matter.

Also read: Elon Musk’s bankers consider Tesla margin loans to cut risky Twitter debt

Banks have been forced to fund the entire debt package with their own cash after a deterioration in credit markets and a tumultuous start to Musk’s reign at Twitter made the debt difficult to syndicate to institutional investors. The company is estimated to face annual indterest costs of about $1.2 billion if the current debt structure remains in place, more than a measure of Twitter’s earnings for the whole of 2021.

Last week as per a filing posted with the US Securities and Exchange Commission, Elon Musk sold Tesla shares worth $3.58 billion from December 12 through December 14.

Musk sold nearly $23 billion worth of Tesla stock since April, with much of the money likely going to fund his $44 billion acquisition of Twitter, according to reports. He sold another 9,34,091 shares of the electric vehicle maker worth $963.2 million earlier in December.

According to financial research firm VerityData’s data, cited by CNBC, Musk has sold 94,202,321 shares so far this year at an average price of $243.46 per share for pre-tax proceeds of approximately $22.93 billion. This, even as Musk told his millions of followers on social media that he had “no further TSLA sales planned” after April 28.

Also read: Elon Musk sells Tesla shares worth $3.58 billion in three days