TuSimple (NASDAQ:TSP), the autonomous driving firm, is seeing a boost in its shares at the time of writing. It’s a somewhat surprising twist after CEO Cheng Lu dropped some big news – the firm is axing 30% of its global workforce. Roughly 300 people are getting their pink slips, all thanks to a perfect storm of a slowing global economy, less capital in the self-driving market, and a glut of hardware.
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Additionally, TuSimple is pulling the plug on looking for strategic alternatives for its Asia Pacific operations. It’s been a tough year for the firm, with its share value nose-diving by a jaw-dropping 83%. Even after cutting 350 roles in their December 2022 restructuring, they’re left with about 750 full-time equivalent employees. And with this new wave of layoffs, you can bet TuSimple is feeling the pinch.
A look at the past five trading days for TSP stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 17.19% at the time of writing. As a result, investors are now up 85.55% during this timeframe.
