Why Tesla Stock Is Falling Today

Tesla Inc TSLA shares are trading lower Friday morning after CEO Elon Musk reportedly said the company will need to cut around 10% of its staff and pause hiring.

According to a Reuters report, citing a Tesla email to executives, Musk suggested he has a "super bad feeling" about the economy and needs to cut 10% of jobs at Tesla.

The email message, titled "pause all hiring worldwide," was sent out on Thursday, just a couple of days after the Tesla CEO told employees to leave the company if they did not want to return to work in person for a minimum of 40 hours per week.

The proposed job cuts could impact about 10,000 Tesla employees, given that 99,290 people worked for the EV company at the end of 2021, according to an SEC filing.

Related Link: Elon Musk Wants To Slash 10% Tesla Jobs, Freeze Hiring Worldwide Due To 'Super Bad Feeling:' Report

Cowen & Co. analyst Jeffrey Osborne maintained Tesla with a Market Perform rating and lowered the price target from $790 to $700 on Friday.

TSLA Price Action: Tesla shares have traded between $571.22 and $1,243.49 over a 52-week period.

The stock was down 4.57% at $739.60 at press time, according to data from Benzinga Pro.

Photo: courtesy of Tesla.