Tesla is still shaking things up
Not long after Tesla's engineering Chief Doug Field took a leave of absence from the firm on top of Matthew Schwall leaving to join Google's autonomous car firm Waymo, the company is seeing yet more departures. Tesla's energy unit just lost 2 executives after CEO Elon Musk announced a thorough reorganisation of the firm, according to reports from Bloomberg. This takes the total number of senior exits to 10 over the past 7 months, as the firm struggles with financial difficulty. Regardless, Elon Musk has said that the company will turn a profit this year, even with total liabilities for the firm standing at $24 billion.
It's not all bad news though. Billionaire investor George Soros' investment firm bought $35 million worth of Tesla bonds in Q1 this year, signalling confidence in the business, while Tesla said in a statement they would be continuing to hire rapidly to support the Model 3 production ramp and future product development. Tesla shares are down 6.53% for the week and 8.34% for the year so far. Now could be a good time to buy the dip if you believe it can become profitable and is not headed for ruin!
Via: https://invstr.com/