Elon Musk to Tesla Employees: It's 'Hardcore' Belt-Tightening Time

Elon Musk to Tesla Employees: It's 'Hardcore' Belt-Tightening Time

Tesla CEO Elon Musk and new Chief Financial Officer Zach Kirkhorn will personally review all expenses going forward in a 'hardcore' attempt to cut costs following massive losses during the last quarter.

 

Tesla (TSLA - Get Report) will no longer be on autopilot when it comes to company expenses.

 

Tesla CEO Elon Musk on Thursday said that, effective immediately, he and the company's new chief financial officer personally will review all expenses going forward in a "hardcore" attempt to cut costs following massive losses during the last quarter.

 

In an email sent to all Tesla employees and obtained by all-things-Tesla and EV news website Electrek, Musk noted that it was "extremely important" to "examine every expenditure at Tesla, no matter how small."

 

Even with $2.2 billion in cash on its books at the end of last quarter, Musk said that wouldn't last that long with the company's burn rate: "This is a lot of money, but actually only gives us about 10 months at the Q1 burn rate to achieve breakeven!"

https://www.thestreet.com/investing/stocks/musk-to-tesla-employees-it-is-hardcore-belt-tightening-time-14963523?puc=yahoo&cm_ven=YAHOO&yptr=yahoo

 

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