“About every five years, we need to reorganize and streamline the company for the next phase of growth,” CEO Elon Musk commented in a post on X. Two senior leaders, battery development chief Drew Baglino and vice president for public policy Rohan Patel, also announced their departures, drawing posts of thanks from Musk although some investors were concerned.

Musk last announced a round of job cuts in 2022, after telling executives he had a “super bad feeling” about the economy. Still, Tesla headcount has risen from around 100,000 in late 2021 to over 140,000 in late 2023, according to filings with U.S. regulators.

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Source: https://www.reuters.com/business/autos-transportation/tesla-lay-off-more-than-10-its-staff-electrek-reports-2024-04-15/

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The foundations’ leaders told staff in Berlin and Brussels that they will be cutting staff by 80% and 60%, respectively, according to an internal email and current employees via the Associated Press. Offices in London and Barcelona have already learned that their office will either close or reduce staff significantly, causing several OSF members to leave.

The planned European cuts signal a break from a decadeslong initiative led by billionaire and founder George Soros to provide support for education, human rights, and other policies. OSF leadership intends to complete the layoffs by January.

Alex Soros, George Soros’s son, announced in June that the foundation would switch to a new operating model. He took over as head of the OSF’s board of directors in December.

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Source: https://www.washingtonexaminer.com/news/george-soros-foundations-cuts-europe-anger-beneficiaries

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Still, the labor market remains tight, with the monthly Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday showing 1.6 vacancies for every unemployed person in March. That compared to 1.7 in February.

Fed officials, who started a two-day policy meeting on Tuesday, are closely watching this ratio. The U.S. central bank is expected to raise its benchmark overnight interest rate by another 25 basis points to the 5.00%-5.25% range on Wednesday before potentially pausing its fastest monetary policy tightening campaign since the 1980s.

“The decline in the ratio of job vacancies to unemployment in the last three months represents a reduction in the excess demand for labor that will be welcomed by the Fed,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

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Source: https://www.reuters.com/markets/us/us-job-openings-post-third-straight-monthly-decline-march-2023-05-02/

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