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Tesla is the latest company to announce widespread layoffs.
The automaker will cut 10 percent of its global workforce, about 14,000 people total.
Longtime senior vice president Drew Baglino also announced his departure from Tesla on Monday.
In an email to employees, Elon Musk said it was "extremely important to look at every aspect of the company for cost reductions and increasing productivity."
Tesla sales dropped 8.5 percent in the last quarter of 2023, the company's first year-over-year sales drop since the pandemic.
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