Tesla Shares Sink as Layoffs, Executive Exits Follow Disappointing Sales and Production

• Tesla stock price has fallen over 60% from 2021 highs, recently hitting 1-year lows below $153 • Market cap has dropped under $500 billion amid softening demand and delivery numbers missing forecasts • Company announcing large layoffs of over 10% of workforce to cut costs • Two high-ranking executives, Baglino and Patel, resigning from leadership roles • Reportedly shelving plans for affordable $25k car to instead focus on self-driving robotaxis, raising risk profile