Despite being owned by a billionaire, even Tesla is struggling for money these days.
So much so that the electric car company has recently rescinded its intern offers, which comes after mass layoffs throughout the company.
Tesla Is Predicted to Go Bust
Per Lekander, a stock market bear, has predicted that Tesla will go bust at some point in the future.
He predicts that this is down to the company’s current business model, and says that with Tesla’s stock prices going down, Elon Musk will have to make drastic changes to his company to keep it going.
Tesla Share Prices Have Gone Down
Since the beginning of January 2024, Tesla’s stock share prices have reached a new low.
In January 2024, they started off at $248 per share. However, as of April 2024, they are at $179.99 per share.
Tesla Has Failed to Meet Revenue Expectations
As a further hit to the company, Tesla has not been meeting its revenue expectations.
This is the second quarter in a row the company has failed to meet revenue expectations, and it is still unclear whether this will continue or if it will get back on track.
Tesla Interns Are College Students
Most people who take up Tesla internships are college students.
They intern over the summer months when they are on their summer break to add something to their resumé. With a company as big and well-known as Tesla, this looks great to prospective employers.
Tesla Interns Can Earn $18 an Hour
As another further blow to college students losing their Tesla internship, they have lost out on some much-needed money over the summer.
Tesla interns can earn between $18 and $28 an hour. Especially with the cost of college, this would have been much-needed money that these college students have now lost out on.
Prospective Tesla Interns Reported the News on LinkedIn
Some people who had their Tesla internship rescinded took to LinkedIn to explain what had happened.
One person said that his start date at Tesla was just three weeks away, and he had spent thousands on housing. He had even been sent an email about his flights from Tesla at 8 a.m., only to be told on the same day at 11 a.m. that he was no longer required.
Tesla Hires 3000 Interns Each Year
A 2022 Tesla report highlighted that the company had hired 3000 interns and apprentices in that year.
It currently isn’t clear whether all of the prospective Tesla interns have had their offers rescinded, or whether this only applies to a few of them.
Students Will Struggle to Secure Another Internship
Many summer internships for college students are often secured at the beginning of the year.
This means that those whose Tesla intern offers have been rescinded will struggle to get another internship for this summer, especially because their spring semesters are set to end in the next few weeks.
Tesla’s Supercharger Team Has Been Sacked
The intern offers at Tesla being rescinded comes after its entire supercharger team was sacked.
With Tesla leading the EV market, these layoffs pose many concerns as to what the future of this market will look like and whether it is sustainable.
Elon Musk Will Sack 10% of Tesla Staff
It won’t just be the supercharger team losing their jobs. Musk sent a memo to Tesla staff that he will be reducing 10% of the Tesla workforce, meaning 10,000 people will lose their jobs.
Tesla sales have recently gone down, which explains the need for the layoffs. While some were blindsided by the news, many saw it coming from workplace rumors that some people would be sacked.
Tesla Has Reduced Its Staff Before
This isn’t the first time Tesla has had to reduce its staff.
In 2022, around 3.5% of Tesla employees lost their jobs. However, these recent Tesla mass layoffs cast severe doubts on the future of Tesla and the rest of the EV market.
