Elon Musk Reportedly Wants To Lay Off 10% Of Tesla's Workforce As He Frets About The Economy

Tesla's (NASDAQ: TSLA) CEO Elon Musk said he has a “super bad” feeling about the economy; therefore, staff needed to get back to the office.

I think there are a few factors driving this recent news and interesting quotes from Elon. Ths first is the culture at TSLA,, I believe he wants to maintain a work culture that matches his work schedule and drive. At the end of the day, it's up to him to decide, and if people don't like it, then they can find another job.

The other consideration is the future prospects for TSLA. Are there enough pre-orders, is there strong demand and is he worried about competing in the EV space continuing to grow? Either way, this is not a great signal to investors, especially with Elon's ability to impact stock price with his comments.

U.S. NHTSA asks Tesla to respond by June 20 in brake activation probe

The National Highway Traffic Safety Administration (NHTSA) said Friday it asked Tesla Inc to respond to questions by June 20 after it received 758 reports of unexpected brake activation tied to the carmaker's driver assistance system Autopilot.

Autopilot has been a contentious issue for Tesla since Elon announced it. We will likely continue to see pushback from the Government and this negative news will continue to have an impact on the stock price.

Recent TSLA Stock Price Target Updates

Stuart Pearson of BNP Paribas sets TSLA price target at $600 per share. UPDATE: Tesla (TSLA) PT Lowers to $600 at Exane BNP Paribas. The price target update was released on Jun 3, 2022. This represents a downside of -15.47% for Tesla, Inc. shareholders.

Colin Langan of Wells Fargo sets TSLA price target at $900 per share. GM and Ford Get Double Downgrades to Sell. Wells Fargo Sours on EVs. The price target update was released on May 31, 2022. This represents an upside of 22.62% for Tesla, Inc. shareholders.

We have seen wildly different price targets for TSLA over the last few years, but recently we are seen some more downgrades and price target reductions.

I think we will continue to see short term selling pressure on Tesla and wouldn't be surprised if it drops into the $600 range