BENGALURU: Luxury electric vehicle maker Tesla fired about 400 employees this week, including associates, team leaders and supervisors, a former employee told Reuters on Friday.
The dismissals were a result of a company-wide annual review, Tesla said in an emailed statement, without confirming the number of employees leaving the company.
“It’s about 400 people ranging from associates to team leaders to supervisors. We don’t know how high up it went,” said the former employee, who worked on the assembly line and did not want to be identified.
Though Tesla cited performance as the reason for the firings, the source told Reuters he was fired in spite of never having been given a bad review.
The Palo Alto, California-based company said earlier in the month that “production bottlenecks” had left Tesla behind its planned ramp-up for the new Model 3 mass-market sedan.
The company delivered 220 Model 3 sedans and produced 260 during the third quarter. In July, it began production of the Model 3, which starts at $35,000 — half the starting price of the Model S.
Tesla fired hundreds of employees in past week
Tesla fired hundreds of employees in past week
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
