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☆ Elon Musk isn't even close to being done with his 'absolutely hard core' slashing of Tesla's headcount
▼ + stars: | 2024-04-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

The layoffs at Tesla aren't over yet, says Tesla CEO Elon Musk. On Monday, he announced the departure of two senior executives and the axing of their divisions. Tesla, Musk said, needs to be "absolutely hard core about headcount and cost reduction." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla CEO Elon Musk says the EV giant is not done with laying people off.

Persons: Elon Musk, Musk, —, — Tesla's, Rebecca Tinucci, Daniel Ho — Organizations: Tesla, Service, The, Business Locations: Tinucci's

☆ Elon Musk is going hardcore again
▼ + stars: | 2024-04-30 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

Elon Musk said Tesla needs to be "absolutely hard core about headcount," The Information reported. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk wants there to be no doubt that Tesla needs to be "hardcore." This isn't the first time Musk has sent a threatening late-night email to his employees or talked about the importance of a "hardcore" culture. AdvertisementThe latest cuts at Tesla arrive weeks after Musk announced Tesla layoffs that would impact more than 10% of its workforce.

Persons: Elon Musk, Tesla, Musk, —, Rebecca Tinucci, Daniel Ho, Tinucci Organizations: Service, Twitter, EVs

☆ Musk lays off Tesla senior executives in fresh job cuts, The Information reports
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

Tesla and SpaceX's CEO Elon Musk reacts during an in-conversation event with British Prime Minister Rishi Sunak in London on Nov. 2, 2023. Elon Musk has dismissed two Tesla senior executives and plans to lay off hundreds more employees, frustrated by falling sales and the pace of job cuts so far, The Information reported on Tuesday, citing the CEO's email to senior managers. Rebecca Tinucci, senior director of the electric vehicle maker's Supercharger business, and Daniel Ho, head of the new vehicles program, will leave on Tuesday morning, the report said. Musk also plans to dismiss everyone working for Tinucci and Ho, including the roughly 500 employees who work in the Supercharger group, The Information said. Tesla, which had 140,473 employees globally as of end-2023, did not immediately respond to a Reuters' request for comment.

Persons: Tesla, Elon Musk, Rishi Sunak, Rebecca Tinucci, Daniel Ho, Musk, Ho, Rohan Patel, Tinucci, — Patel, Drew Baglino — Organizations: British Locations: London, China, Beijing, India

☆ McKinsey tried to boost the morale of senior staff by blasting Eminem and Bob Marley at an internal event, report says
▼ + stars: | 2024-04-30 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

McKinsey & Co. held an internal event to rally partners amid a challenging year, Bloomberg reports. Like many major consulting firms, McKinsey has announced layoffs as demand for its services has fallen. During the event, Bob Sternfels, global managing partner at McKinsey, reportedly admitted that the last 18 months had been challenging but said that 2024 was looking better for the firm. McKinsey global managing partner, Bob Sternfels, makes a statement to the US Senate on the firm's work with Saudi Arabia, February 2024. But McKinsey partners have reportedly been unhappy with how leadership has handled the role reductions, people familiar with the matter told Bloomberg.

Persons: Bob Marley, Eminem, —, Bob Sternfels, Sternfels, sprees, they're Organizations: McKinsey, Co, Bloomberg, Service, SPAN McKinsey, Employees, US Department of Justice, Purdue Pharma, Sternfels Locations: British, Copenhagen, Saudi Arabia

☆ Digital ad market is finally on the mend, bouncing back from the 'dark days' of 2022
▼ + stars: | 2024-04-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Meta , Snap and Google all reported first-quarter results this week, with revenue growth that exceeded analysts estimates and at rates not seen in at least two years. The companies entered earnings season in a favorable position in that their numbers would be comparable to historically weak periods. Meta, which was the first in the group to report results, put some fears to rest on Wednesday, showing a 27% jump in first-quarter revenue to $36.5 billion. "When Meta was in its dark days two years ago, the company knew what they had to do to get back on track," analysts at Bernstein wrote in a note after the earnings report. Meta lost two-thirds of its value in 2022 and was forced to dramatically cut headcount.

Persons: Meta, Bernstein Organizations: Google, Meta, Facebook

☆ Sundar Pichai just showed the doubters he's the right general for Google's AI battle
▼ + stars: | 2024-04-26 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Read previewThere's an AI battle raging, and Sundar Pichai appears to be Google's wartime general. With Pichai at the helm, Alphabet just reported blockbuster first-quarter earnings that surpassed analysts' estimates and sent the stock soaring. The CEO told analysts that Google was well "positioned for the next wave of AI innovation and the opportunity ahead," reminding them the company had been "AI-first" since 2016. This story is available exclusively to Business Insider subscribers. Google did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Sundar Pichai, Pichai, Googlers, He's Organizations: Service, Google, Business, Microsoft

Snap shares surged 28% on Friday after the company surprised Wall Street by showing a profit and reported sales and user numbers that exceeded analysts' estimates. The company reported adjusted earnings per share of 3 cents, while analysts were expecting a 5-cent loss. Snap said adjusted EBITDA "exceeded our expectations" and was primarily driven by operating expense discipline, as well as accelerating revenue growth. Snap reported more than 9 million Snapchat+ subscribers for the period. For the second quarter, Snap expects to report revenue between $1.23 billion and $1.26 billion, up from the $1.22 billion expected by analysts, according to StreetAccount.

Persons: Derek Andersen, Evan Spiegel Organizations: Barker, Revenue, Snapchat, Meta Locations: Santa Monica , California

☆ Meet 7 recruiters who can help you land a tech job at Wall Street firms like JPMorgan and Blackstone
▼ + stars: | 2024-04-25 | by ( Bianca Chan | ) www.businessinsider.com time to read: +2 min

Landing a tech job on Wall Street has never been simple, but it's even less so today. But widespread layoffs in the tech sector have created a "glut of supply" of "mediocre talent," recruiters told Business Insider. That's not stopping Wall Street firms from tapping external recruiters to find technologists. Given the private nature of their work, recruiters usually keep their client list and searches close to the vest. For that reason, the specific clients most of these recruiters work with are not named.

Persons: we've, Ben Hodzic, Selby Jennings, Wall

☆ Two long-time Walleye Capital execs are retiring amid makeover at $5.7 billion fund
▼ + stars: | 2024-04-25 | by ( Alex Morrell | ) www.businessinsider.com time to read: 1 min

Two long-time senior executives at Walleye Capital, Andrew Carney and Mark Zeldis, are retiring. The hedge fund's C-suite has undergone a revamp in recent months. Walleye's overall headcount is up, with about 60 new hires in 2024. Two Walleye Capital partners who have been at the firm since the George W. Bush administration are retiring, the latest in a string of senior leadership changes at the multi-strategy hedge fund. In an update to investors on Wednesday, Walleye announced that Andrew Carney, CIO of volatility, and Mark Zeldis, chief technology officer, are retiring from the firm, according to a person familiar with the matter.

Persons: Andrew Carney, Mark Zeldis, George W, Bush Organizations: Walleye Capital, Wednesday, Walleye, Business

☆ Snap shares soar 25% as company beats on earnings, shows strong revenue growth
▼ + stars: | 2024-04-25 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

Snap reported first-quarter results on Thursday that beat analysts' estimates and showed a return to double-digit revenue growth. Adjusted EBITDA for the first quarter was $46 million, far surpassing the $68 million loss expected by analysts, according to StreetAccount. For its second quarter, Snap expects to report revenue between $1.23 billion and $1.26 billion, up from the $1.22 billion expected by analysts, according to StreetAccount. Snap said adjusted EBITDA will fall between $15 million and $45 million, compared to Wall Street's expectations of $15.5 million. The company expects to report around 431 million DAUs in its second quarter, up from the 430 million expected by StreetAccount.

Persons: Snap's, Snap Organizations: LSEG Revenue, LSEG, LSEG Global, Revenue, Snapchat, Meta, StreetAccount

☆ Spotify reports record quarterly profit after a year marked by deep layoffs and activist attention
▼ + stars: | 2024-04-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Spotify reported first-quarter earnings on Tuesday, notching record quarterly profit and beating estimates on the top and bottom lines, after a year of deep cost cutting and streamlining. The company expects net new MAUs of 16 million, for a total of 631 million monthly active users. Spotify attributed the slowed growth to "moderated marketing activity" — driven by cost cutting — resulting in "more normalized growth." ValueAct, which manages nearly $12 billion in assets, has a 0.5% Spotify stake valued at $280 million. When the activist investor first disclosed the position in 2023, it owned around 1.2% of Spotify.

Persons: Daniel Ek, Joe Rogan, MAUs, Mason Morfit's ValueAct Organizations: Spotify, LSEG, StreetAccount Spotify Locations: Tokyo, Swedish

☆ Tesla cutting around 2,700 jobs in Austin as part of broad restructuring
▼ + stars: | 2024-04-23 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Tesla is eliminating around 12% of its workforce at a factory in Austin, Texas, as part of a broader restructuring the company announced last week. In 2021, Tesla CEO Elon Musk moved the company's corporate headquarters to Austin from Palo Alto, California. Tesla officially opened its Texas EV and battery factory in April 2022, with a "cyber rodeo" party. Musk later called the Austin factory, and another assembly plant in Germany, "gigantic money furnaces," in an interview with Tesla Owners Silicon Valley, a fan club that promotes Tesla vehicles. Executives are expected to discuss the restructuring on the company's quarterly earnings call at 5:30 p.m.

Persons: Tesla, Elon Musk, Musk Organizations: Tesla, Texas EV, Austin, Texas Department Locations: Austin , Texas, Travis County, Austin, Palo Alto , California, New York, Buffalo, Texas, Germany

☆ Elon Musk wanted Tesla to slash its headcount by 20% because its quarterly vehicle deliveries fell by that much, Bloomberg source says
▼ + stars: | 2024-04-22 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Elon Musk wanted Tesla to reduce its workforce by one-fifth, Bloomberg reported. Musk wanted the layoffs to match the drop in quarterly vehicle deliveries. Tesla delivered 386,810 cars in the first quarter of 2024, a 20.1% drop from the last quarter. The reduction, Musk reasoned, should match the reduction in vehicle deliveries between the fourth quarter of 2023 and the first quarter of 2024, per Bloomberg. Earlier this month, Tesla said it delivered 386,810 cars in the first quarter of 2024, a 20.1% drop from the previous quarter.

Persons: Elon Musk, Tesla, Musk, — Organizations: Bloomberg, Service

☆ Tesla layoffs continue as recruiters get cut
▼ + stars: | 2024-04-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Tesla informed some of its recruiters on Friday that they'd been laid off, sources told BI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Three former Tesla workers confirmed to Business Insider that they had been informed of the layoffs via a call on Friday morning. More former Tesla recruiters have posted on LinkedIn saying they were notified their jobs had been impacted on Friday. The same day Tesla announced its initial round of cuts at least two executives resigned from the company.

Persons: Tesla, they'd, Elon Musk, —, Drew Baglino, Rohan Patel Organizations: Elon, Service, Business, LinkedIn

Netflix and a popular beauty stock were featured among Friday's biggest analyst calls. Analyst Rob Sanderson initiated coverage of DoorDash with a buy rating and $170 price target, citing strong execution. Alongside the upgrade, Blum downgraded Sunnova Energy to an equal weight rating and slashed his price target to $6 from $11, citing a higher-for-longer rate environment. "Share gains upmarket by Shopify support confidence in the durability of growth against tempered consumer spending expectations," wrote analyst Keith Weiss. The stock has tumbled 11% this year, but could rally 22% based on the firm's adjusted $85 price target.

Persons: Canaccord Genuity, Rob Sanderson, DoorDash, Sanderson, – Samantha Subin, Wolfe, Steven Chubak, BAC's, Chubak, bode, Wells, Michael Blum, Blum, Biden, Samantha Subin, Morgan Stanley, Keith Weiss, Weiss, — Samantha Subin, Canaccord, Maria Ripps, Steven Cahall, Price, Doug Anmuth, Morgan Stanley's Benjamin Swinburne, Jefferies, Ashley Helgans, Helgans, Fred Imbert Organizations: CNBC, Netflix, Friday's, Jefferies, Capital, Industry, Wolfe Research, Bank of America, of America, SCHW, Sunnova Energy, NOVA, Ulta Locations: Wells Fargo, China, Thursday's, Canada

☆ AI startup Stability lays off 10% of staff after controversial CEO's exit: Read the full memo
▼ + stars: | 2024-04-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Emad Mostaque, founder and CEO of Stability AI, speaks during the Bloomberg Technology Summit in San Francisco, California, US, on Thursday, June 22, 2023. Beleaguered artificial intelligence startup Stability is laying off employees after the exit of its controversial former CEO Emad Mostaque. The company's newly appointed co-CEOs Shan Shan Wong and Christian Laforte told employees in an email Wednesday night that the firm needed to "restructure parts of the business, which will sadly mean saying goodbye to some colleagues." "Those who are affected by this have been notified individually and we will be supporting them throughout this period," Wong and Laforte, who were previously chief operating officer and chief technology officer at the company, respectively, said in the internal memo. Stability AI's layoffs amount to about 10% of its global headcount, according to publicly available data online which shows the firm employs around 200 people in total.

Persons: Emad Mostaque, Emad, Shan Shan Wong, Christian Laforte, Wong, Laforte Organizations: Bloomberg Technology Summit, CNBC Locations: San Francisco , California

☆ Tesla is laying off 285 employees in Buffalo, New York as part of a broad restructuring
▼ + stars: | 2024-04-17 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Vehicles sit parked outside the Tesla Inc. solar panel factory in Buffalo, New York, U.S., on Wednesday, Dec. 26, 2018. Tesla is laying off 285 employees in the state of New York as part of a broader restructuring according to a WARN notice filed in the state. Most of these employees worked at the company's Buffalo factory and a handful at a store and service center in the area per the filing. Tesla took over the Buffalo factory after they completed a $2.6 billion acquisition of solar installer SolarCity in 2017. While Tesla said it would manufacture solar panels at the Buffalo factory, its efforts to grow its solar business have faltered through the years.

Persons: Tesla, Elon Musk, Lyndon, Peter Rive, Musk Organizations: Tesla Inc, Buffalo, SpaceX, Tesla, Reuters Locations: Buffalo , New York, U.S, New York, Buffalo

Tesla CEO Elon Musk arrives for a U.S. Senate bipartisan Artificial Intelligence Insight Forum at the U.S. Capitol in Washington, D.C., Sept. 13, 2023. Companies often see their stock price jump after announcing job cuts, as Wall Street rallies around the prospects for improved efficiency and profits. In 2022, the stock plunged 9% on initial reports around layoffs but recovered after Musk made clarifying comments days later. In China, Tesla has faced an onslaught of competition from domestic EV makers, including BYD and the phone maker Xiaomi. Prior to the layoffs, Tesla had been cutting prices and providing other buyer incentives, leading to likely margin erosion.

Persons: Elon Musk, that's, Musk, Tesla, FSD Organizations: U.S, Senate, Intelligence, Capitol, Washington , D.C, Tesla Locations: Washington ,, China, U.S

☆ Amazon Prime Video viewers have been ditching shows because of its error-plagued catalog system, leaked docs show
▼ + stars: | 2024-04-16 | by ( Eugene Kim | ) www.businessinsider.com time to read: +8 min

Amazon has invested billions of dollars in Prime Video to secure original content and live-streaming rights. CEO confidenceIn Amazon's recent annual shareholder letter, CEO Andy Jassy showed his continued support for Prime Video. "We have increasing conviction that Prime Video can be a large and profitable business on its own," he wrote. Among the top "catalog quality issues" were incomplete or inconsistent titles, as well as a "Season Integrity" problem. Multiple posts about wrong movie titles on Prime Video can also be found on Amazon's forum and Reddit.

Persons: Amazon, Andy Jassy, Video's headcount, they're, Anthony Palomba, Palomba, It's Organizations: Amazon, Business, MGM, BI, Prime, Citadel, House, Amazon's, University of Virginia

☆ Read the memo Elon Musk sent Tesla staff announcing that the company is laying off more than 10% of the workforce
▼ + stars: | 2024-04-15 | by ( Jyoti Mann | Grace Kay | ) www.businessinsider.com time to read: +3 min

Elon Musk sent Tesla employees a memo on Sunday announcing the EV maker is laying off more than 10% of its workforce globally. Separately, Tesla started instructing managers in February to identify which roles at the company were business-critical and had temporarily delayed performance reviews. AdvertisementRead the full memo Elon Musk sent Tesla employees below:Over the years, we have grown rapidly with multiple factories scaling around the globe. This will enable us to be lean, innovative and hungry for the next growth phase cycle. As we prepare the company for the next phase of growth, your resolve will make a huge difference in getting us there.

Persons: Elon Musk, Tesla, I'm, Elon Organizations: Business, National Labor Relations Board Locations: California, Buffalo , New York

☆ Tesla to cut more than 10% of its global staff
▼ + stars: | 2024-04-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla is reportedly cutting more than 10% of its global staff of 140,000. It did not mention anything about the slowdown in demand for electric vehicles or about Tesla sales. In the fourth quarter Tesla briefly lost its title for the leader in global EV sales to Chinese automaker BYD. It recaptured the EV sales title from BYD in the first quarter, despite the drop in sales. This is not the first time that Tesla has cut staff.

Persons: New York CNN — Tesla, Elon Musk, ”, Electrek, Tesla, Musk Organizations: New, New York CNN, Reuters, General Motors, Ford, EV, US, Tesla Locations: New York, BYD, Germany, Texas, Mexico, Friday’s

☆ Major firms like Goldman and JPMorgan cool on Reddit stock post-IPO
▼ + stars: | 2024-04-15 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

A slate of major Wall Street firms has begun coverage of Reddit – and some of them see the stock's gains moderating from here. He rated the company neutral and gave it a price target of $47, anticipating 11% upside from Friday. Sheridan's 12-month price target of $40 was one of the lowest on Wall Street and implies that shares could slide 5% from here. Morgan Stanley had a slightly more optimistic price target of $45, corresponding to a roughly 6.5% gain. Citi analyst Ronald Josey's price target of $53 — which forecasts 25% upside — is among one of the highest on the Street.

Persons: Reddit, Doug Anmuth, JPMorgan's Anmuth, Goldman Sachs, Morgan Stanley, Goldman, Eric Sheridan, Brian Nowak, Ronald, Josey, Benjamin Black Organizations: Bank of America, Citi, Deutsche Bank

☆ Tesla shares dip in premarket trade after reports the firm will lay off more than 10% of global workforce
▼ + stars: | 2024-04-15 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Elon Musk, CEO of Tesla, speaks with CNBC on May 16th, 2023. Tesla shares were down over 1% in premarket trade Monday on media reports that the automaker will lay off more than 10% of its global workforce. The company's stock was down 1.32% in premarket deals at roughly 8:20 a.m. CNBC was unable to independently verify the memo and has reached out for comment. Tesla had 140,473 employees as of December 2023.

Persons: Elon Musk, Tesla Organizations: CNBC, Reuters

☆ Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
▼ + stars: | 2024-04-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Typically, security guards inspect workers' badges at the site, but don't usually scan them directly, the two workers said. Related storiesThree other former Tesla employees said workers at the Fremont factory were told by security that if their badges didn't work they were no longer employed. The email sent directly to laid-off staff said the cuts would be effective immediately and workers would receive information regarding their severance within 48 hours. Tesla workers aren't the first to unceremoniously discover they've been terminated while trying to access their former place of work. Last year, some former Google employees told BI they learned they'd been laid off when they couldn't badge into the office.

Persons: —, Tesla, didn't, Elon Musk, Drew Baglino, Rohan Patel, they've, they'd Organizations: Service, Business, Fremont, BI, Google Locations: Tesla's, Sparks , Nevada, Nevada

☆ A longtime banker gives a rare inside look at how he is thinking about his next career move and weighing factors like work-from-home policies and family as well as compensation.
▼ + stars: | 2024-04-15 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +8 min

Within hedge funds in particular, there has been a war for talent — or a talent bubble, depending on who you talk to — as the biggest funds grow ever larger. Banks, hedge funds, consulting — it's all on the table for Monnier in a chaotic recruiting environment that is unlike the ones he has experienced before. Pros and cons of the buy-sideThe best job market Monnier has experienced was, naturally, before the global financial crisis. Now, the job market isn't as hot, but the number of players interested in his skillset has grown. Average pay at hedge funds was nearly $500,000.

Persons: —, Jeremy Monnier doesn't, Goldman Sachs, Joe Leung, Leung, Monnier, Banks, Goldman, Zar Amrolia, Amrolia, he's, eFinancialCareers, they'd, doesn't Organizations: Service, Michelin, Business, Barclays, Deutsche Bank, Monnier, Deutsche, XTX, Barclays — Locations: London, German, Normandy, France, Paris, United Kingdom

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