Shares of electric-vehicle giant Tesla, Inc. TSLA are down in premarket trading on Monday, despite positive major index futures that are firmly in the green.
What Happened: The premarket decline is particularly notable considering the broader market optimism.
Tesla’s pullback coincides with rumors of potential large-scale layoffs. An Electrek report suggests eliminations could reach up to 20% of the workforce, impacting tens of thousands of employees.
The upcoming quarterly results next week might underperform estimates, according to market sentiment following Tesla’s first-quarter delivery miss.
Additionally, the company recently halved the subscription price for its full self-driving software to $99 per month.
In premarket trading, Tesla shares fell 0.61% to $171.05, according to Benzinga Pro data.
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