Tesla stock hits a fresh two-year low after ‘hardcore’ cost-cutting plan
Shares of Tesla Inc. touched another two-year low Friday, after a leaked memo spoke of the Silicon Valley car maker potentially running out of cash in just months without strict cost-control measures.
Musk and Chief Financial Officer Zach Kirkhorn will reportedly approve all expenses, however small, as part of a cost-cutting plan meant to scrutinize all expenses, including salaries and travel costs.Kirkhorn will review every payment page and Musk himself will review every tenth page, Electrek said. “This is hardcore, but it is the only way for Tesla to become financially sustainable,” Musk reportedly wrote.
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