Topline
Tesla is rescinding internship offers weeks before its latest class of interns were set to start at the company, according to Bloomberg, furthering the electric vehicle makerās recent wave of cost-cutting measures and mass layoffs.
Key Facts
LinkedIn posts from a prospective intern and Tesla employee cited by Bloomberg reveal some interns are receiving notice their offers for the summer are gone.
Miami University student Joshua Schreiber said his start date was three weeks away and that he spent thousands on housing in preparation for the internship.
Diana Rosenberg, who works in Teslaās battery supply chain, according to her profile, said she was sad to learn a prospective intern had her offer rescinded, noting the would-be intern turned down āseveral appealing positionsā ahead of the summer.
The intern cuts come just one day after Tesla reportedly fired its team responsible for creating vehicle chargers, laying off about 500 people.
Tesla didnāt immediately respond to Forbesā request for comment.
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Big Number
More than 3,000. Thatās how many university and community college students are hired for internships and apprenticeships at Tesla each year, according to the companyās latest impact report.
What We Donāt Know
It is unclear what share of the internship offers made by Tesla this year were rescinded.
Key Background
Tesla is navigating an intense round of layoffs that has wiped more than 10% of its workforce, with Tesla CEO and billionaire Elon Musk announcing in a staff memo last month the cuts would impact more than 10,000 employees. The electric vehicle maker also fired its Supercharger team recently, including two executives working on the initiative, The Financial Times reported. Tesla reduced its staff by about 3.5% in 2022. The companyās stock has struggled this year, starting off in January at $248 per share and decreasing to $179.99 per share Wednesday. Tesla did not meet revenue expectations in its earnings report published last week, marking the second quarter in a row it has missed on earnings.
Forbes Valuation
We estimate Muskās net worth at $197.7 billion, making him the second-richest person in the world.
Further Reading
Tesla Stock Slides Again On āOminousā Reports Of Mass Layoffs (Forbes)
Tesla Fires Supercharger TeamāMusk Says Network Will Grow At āSlower Paceā (Forbes)
Tesla Stock Rallies Despite Major Earnings Miss As EV Focus Reaffirmed (Forbes)