Tesla’s (NASDAQ:TSLA) CEO, Elon Musk sent an email to the company’s staff acknowledging that it sent severance packages that were too low for some laid-off workers this week, according to CNBC that reviewed the email. Musk apologized for the mistake and added that it was being “corrected immediately.”
Earlier this week, the EV major announced that it would lay off more than 10% of its global workforce. Musk commented that the layoffs would help, “prepare the company” for a “next phase of growth.”
Tesla has been going through some upheavals this year as it scrapped its plan to manufacture a more affordable EV and is instead planning on focusing on the development of a robotaxi service. Moreover, the lackluster Q1 EV deliveries have failed to allay investors’ concerns about the stock.
Indeed, this has resulted in TSLA stock declining by more than 12% over the past year.
Is Tesla a Buy, Sell, or Hold?
Analysts remain sidelined about TSLA stock, with a Hold consensus rating based on eight Buys, 19 Holds, and seven Sells. The average TSLA price target of $184.86 implies an upside potential of 18.9% from current levels.
