Musk sacks 9pc of Tesla workforce

Although US President Donald Trump claims he held a “tremendous” and “historic” summit with North Korean leader Kim Jong-un, global stock markets were not convinced.

The lack of detail in the path to denuclearising the Korean peninsula kept investors trading cautiously throughout the night.

Markets at 7:00am (AEST):ASX SPI 200 futures -0.1pc to 6,050, ASX 200 (Tuesday close) +0.2pc at 6,054AUD: 75.73 US cents, 56.62 British pence, 64.45 Euro cents, 83.58 Japanese yen, $NZ1.08US: Dow Jones flat at 25,321, S&P 500 +0.2pc at 2,787, Nasdaq +0.6pc at 7,704Europe: FTSE -0.4pc at 7,704, DAX flat at 12,842, Euro Stoxx 50 -0.2pc at 3,475Commodities: Brent crude -1.2pc at $US75.51/barrel, spot gold -0.3pc at $US1,295.57/ounce, iron ore +0.8pc to $US67.23/tonne

The Dow Jones index ended its day flat at 25,321 points, while the broader S&P 500 gained 0.2 per cent.

The Nasdaq rose by a moderate 0.6 per cent, after it was driven higher by big-name technology stocks like Facebook, Amazon, Netflix and Alphabet (Google’s parent company).

Tesla cuts thousands of jobs

Even shares in Tesla jumped 3.2 per cent to a three-month high of $US342.77 — after its chief executive Elon Musk announced the company would slash thousands of jobs, or 9 per cent of its workforce.

The electric car maker is trying to cut costs and become profitable, without endangering the production ramp-up for its Model 3 sedans.

These job losses will mainly be in salaried positions, which leaves factory workers, who are paid by the hour, safe from this round of job cuts.

In a staff-wide email, Mr Musk said the cuts were part of a simplification of Tesla’s management structure, which he previously flagged in May.

External Link: Elon Musk’s email announcing job cuts

“As part of this effort, and the need

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