Elon Musk sent a memo to Tesla employees saying that the company will lay off more than 10% of its global workforce. Tesla had 140,473 employees as of December 2023. Its shares have fallen 31% year to date. Electric vehicle sales are gaining popularity worldwide, but the company is facing more competition now than ever. It is also dealing with other challenges, such as logistical problems caused by Yemeni Houthi maritime attacks in the Red Sea and production suspension at its gigafactory near Berlin due to suspected arson at a nearby electricity substation. A copy of the memo from Musk is available at the end of the article.