Skip to content
Subscriber Only
Technology
Hyperdrive

Tesla Sell-Off Worsens After Elon Musk's Surprise Store Closings

  • Many sales personnel learned of move in blog post, people say
  • Energy VP who came from Amazon is helping implement strategy
Bloomberg business news
Tesla trims jobs despite Musk promise
Updated on
From

Tesla Inc. Chief Executive Officer Elon Musk caught many employees by surprise with his announcement last week that the electric-car maker would close most stores and shift to online-only sales, according to three people familiar with the matter.

Many sales personnel first found out about the decision when Tesla published a public blog post Thursday afternoon, said the people, who asked not to be identified discussing sensitive matters. A Barclays analyst added to a chorus of concerns raised by some investors also caught off guard by the move by cutting his price target on the stock Tuesday.