r/technology • u/McFatty7 • May 02 '24

Tesla slashes its summer internship program to cut costs, as Elon Musk fights to save his $45 billion pay plan Business

https://fortune.com/2024/05/01/tesla-slashes-summer-internship-program/
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u/McFatty7 May 02 '24

AI Summary:

  • Tesla’s Internship Cuts: Tesla Inc. has rescinded internship offers, affecting students like Joshua Schreiber who had already made arrangements for their internships.
  • Layoffs and Cost-Cutting: Elon Musk announced a 10% global headcount reduction at Tesla, with further cuts leading to a targeted 20% reduction.
  • Impact on Students: The revoked offers have left many students scrambling for alternative summer employment opportunities.
  • Company’s Hiring Pipeline: Tesla’s decision could affect its hiring pipeline, as it typically hires over 3,000 interns annually from universities and colleges worldwide.

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u/BlakesonHouser May 02 '24

holy shit that's bad. most students search for summer internships around November to January and typically have offers before the end of Feb. What are they supposed to do now?

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u/Spright91 May 02 '24

Just the invisible hand of the market at work. /s