You need to be a big fan or a cold pragmatist to invest in a company that fired you. That’s exactly what a former Tesla employee did when he invested his entire severance package in the company’s stock.
Mike Billett, a former sales executive at Tesla, continued to maintain a very positive attitude toward the company even after he was fired. He stated that he was rooting for the success of the electric car giant.
Happy EOQ @Tesla team!
There’s no doubt you are all adjusting to a “new norm” post layoffs and I’m wishing you all the best as you continue to drive new records while providing an exceptional experience.
Those of us impacted by the layoffs continue to root you on!
Keep…
— Mike Billett (@MikeBillettJr) June 30, 2024
«Happy EOQ, Tesla team! Undoubtedly you will all adjust to the «new normal» position reductions, and I wish you all the best as you continue to achieve new records while delivering exceptional experiences. Those of us affected by the layoffs continue to support you! Keep saving the world one Tesla at a time!»
He also writes that he has invested «100%» of his severance package in Tesla shares.
Took my severance and put 100% into the company that laid me off.
Why?
Because I spent 6 years working towards helping it grow and believe in the future impact it will have.
Let’s keep saving the world one Tesla at a time! 💪🏽⚡️🔋 pic.twitter.com/DMU5jk3wqf
— Mike Billett (@MikeBillettJr) July 9, 2024
«Took my severance package and invested 100% in the company that fired me. Why? Because I spent 6 years working to help it grow and I believe in the future impact it will have. Thank you, Tesla».
This year Tesla is going to or has already reduced staff by more than 10%, or about 14,000 employees. By doing so, the company expects to support its financial position, which has deteriorated due to demand. Tesla can save about $500 million a year due to large-scale layoffs, based on the average salary in the company, excluding of the CEO’s earningsin the amount of $34,000 (as of 2023).
Now Tesla seems to be coming out of a long decline. The company’s shares have already overcome their losses for the year. In early June, Tesla announced the delivery of 443,956 cars in the second quarter of 2024, compared to the production of 410,831 cars in the same period. Sales are currently exceeding analysts’ estimates. That’s why the company’s shares seem attractive now, but analysts say the situation could change under unfavorable conditions.
Source: Wccftech
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