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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
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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.