Tesla Suddenly Rescinds Intern Offers Following Mass Layoffs

By: Beth Moreton | Published: May 07, 2024

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So much so that the electric car company has recently rescinded its intern offers, which comes after mass layoffs throughout the company.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. 

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A matte black Tesla car parked up in an empty parking lot.

Source: Dmitry Novikov/Unsplash

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. 

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Tesla Share Prices Have Gone Down

Since the beginning of January 2024, Tesla’s stock share prices have reached a new low.

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A smartphone with a stocks app open. The stock on the phone is a red line that has rapidly gone down.

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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.

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The Tesla logo on the back of a black car.

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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. 

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The inside of a Tesla car. The car is parked in front of a garage.

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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.

$26. There are two $10 notes, a $5 note, and a $1 note.

Source: kstudio/Freepik

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. 

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Prospective Tesla Interns Reported the News on LinkedIn

Some people who had their Tesla internship rescinded took to LinkedIn to explain what had happened. 

A white Tesla parked up next to some mountains.

Source: Charlie Deets/Unsplash

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.

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Tesla Hires 3000 Interns Each Year

A 2022 Tesla report highlighted that the company had hired 3000 interns and apprentices in that year. 

A grey Tesla parked on the grass with some hills in the background.

Source: Martin Katler/Unsplash

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. 

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Students Will Struggle to Secure Another Internship

Many summer internships for college students are often secured at the beginning of the year.

College students graduating. They are throwing their graduation caps in the air, which are black with red tassels, and are next to a building.

Source: Vasily Koloda/Unsplash

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. 

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Tesla’s Supercharger Team Has Been Sacked

The intern offers at Tesla being rescinded comes after its entire supercharger team was sacked. 

Tesla chargers at a garage.

Source: Jonathan Ikemura/Unsplash

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. 

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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. 

Elon Musk at an event. He is wearing a black t-shirt and has a microphone attached to his face.

Source: Heisenberg Media/Wikimedia Commons

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. 

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Tesla Has Reduced Its Staff Before

This isn’t the first time Tesla has had to reduce its staff.

The Tesla logo against a red wall. A car is parked in front of it. The logo is reflected in the window of the car.

Source: Milan Csizmadia/Unsplash

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.

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