Tesla CEO Elon Musk sent a letter to employees Friday morning informing them the company was cutting 7% of its workforce.
Musk said the layoffs were coming as the company begins production of its $35,000 Model 3.
Tesla shares fell 6.55% following the announcement.
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Tesla slid 6.55% Friday morning after CEO Elon Musk sent a letter to employees saying the electric-car maker was laying off workers. The selling had Tesla shares trading near $322 apiece — the middle of their...