Elon Musk buys $25M in Tesla stock

Tesla to lay off 3,000 employees, CEO Elon Musk says it's difficult to say goodbye

Tesla Motors is culling 9 percent of its staff across the company as it seeks to reduce costs and become profitable without endangering the critical production ramp-up for its Model 3 sedan.

Musk said that the job cuts are part of Tesla's restructuring process.

Tesla CEO Elon Musk responded by saying it's hard to walk the line between annoying users and preserving driver safety.

Several Wall Street analysts anticipate a capital raise this year despite Musk's statements that it will not be necessary due to profitability and positive cash flow in the third or fourth quarters.

He emphasised on the fact that Tesla has never made an annual profit. For almost all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network.

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In a Wednesday SEC filing, Tesla made public the information that Musk had purchased 72,500 shares this Tuesday and Wednesday, at weighted averages between $342.78 and $347.01.

SpaceX founder Elon Musk smiles at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018.

The layoffs come in engineering, sales and other front-office functions, but the company says the remaining workforce is large enough to accomplish Musk's lofty goals of rolling out a semi, pickup truck and a new SUV in the coming years.

Also of note is that Musk has a somewhat unconventional pay package at Tesla in which he'll be granted additional stock options as the company hits milestones.

Tesla's profitability has been based on the firm hitting a 5,000 per week production target of its Model 3 sedans after facing initial production hiccups. The company will seek to re-employ most Tesla employees at Home Depot stores at its own locations.

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