10:18 AM EDT, 04/15/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Tesla (TSLA) shares were 3.5% lower in recent trading Monday after multiple media outlets reported that the company has told employees in an internal email that it plans to lay off "more than 10%" of its workforce worldwide.

"We have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally," Electrek quoted Chief Executive Elon Musk as saying in his email. "This will enable us to be lean, innovative and hungry for the next growth phase cycle."

It is unknown which specific teams will be most affected by the layoffs but there have been reports that some employees have already been locked out of system access, according to Electrek.

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