In order to invest in a company that has fired you, you need to be a big fan or a cold pragmatist. This is exactly what a former Tesla employee did when he put all of his severance pay into the company's stock.
Mike Billett, former sales manager at Tesla, continued to maintain a very positive attitude towards the company even after being laid off. He expressed his support for the success of the electric car giant.
Happy EOQ @Tesla team!
There's no doubt you are all adjusting to a “new norm” post layoffs and I'm wishing you all the best as you continue to drive new records while providing an exceptional experience.
Those of us impacted by the layoffs continue to root you on!
Keep…
— Mike Billett (@MikeBillettJr) June 30, 2024
"Happy EOQ, Tesla team! There's no doubt you will all adapt to the "new norm" of job cuts, and I wish you all the best as you continue to set new records, providing an exceptional experience. Those of us affected by layoffs continue to support you! Keep saving the world one Tesla at a time!"
He also wrote that he invested "100%" of his severance pay in Tesla shares.
Took my severance and put 100% into the company that laid me off.
Why?
Because I spent 6 years working towards helping it grow and believe in the future impact it will have.
Let's keep saving the world one Tesla at a time! 💪🏽⚡️🔋 pic.twitter.com/DMU5jk3wqf
— Mike Billett (@MikeBillettJr) July 9, 2024
"Took my severance and put 100% into the company that laid me off. Why? Because I spent 6 years working to help it grow and believe in the future impact it will have. Thank you, Tesla."
This year, Tesla has either already reduced its staff by more than 10% or about 14,000 employees. The company aims to stabilize its financial situation, which has deteriorated due to demand. Tesla could save about $500 million per year through extensive layoffs, based on the average salary in the company, excluding the CEO's earnings, at $34,000 (as of 2023).
Currently, Tesla seems to be emerging from a prolonged downturn. The company's shares have already recovered from their losses for the year. In early June, Tesla announced deliveries of 443,956 cars in the second quarter of 2024, compared to production of 410,831 cars during this period. Sales are currently exceeding analyst estimates. Therefore, the company's shares seem attractive now, but analysts warn that the situation may change under unfavorable conditions.
Source: Wccftech
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