Tesla Trims & Biden-Iraq

Heyo, reader! We hope you’re having a good Tuesday morning!

2️⃣ This Morning’s Two Reports:

• 🚗 Tesla Announces Major Workforce Cut

• 🌍 Biden Meets Iraq's PM Amid Middle East Tensions

📊 Market Snapshot

• DOW: 🔽 0.65% (37,735.11)

• S&P 500: 🔽 1.20% (5,061.82)

• NASDAQ: 🔽 1.79% (15,885.02)

• BTC: 🔽 3.60% (63,344.90)

• ETH: 🔽 1.13% (3,118.83)

📎 Market Clips

• Retail sales surge 0.7% in March, surpassing expectations

• Oil prices drop post-Iran attack as market reassesses risk premium

_{*Stock numbers as of market close, cryptocurrency as of 6:35pm EST yesterday. Source for Market Clips.}

First Report

🚗 Tesla Announces Major Workforce Cut

Tesla Inc. is set to reduce its global workforce by over 10%, as announced in a memo from CEO Elon Musk. This decision comes amid a significant downturn in the company's stock, which saw a decrease of more than 5% on Monday. According to Musk, this move is crucial for enhancing productivity and cutting costs as the company gears up for future growth. The layoffs reflect a strategic trimming as Tesla faces increased competition and a slowdown in the electric vehicle market, notably with Chinese firms like BYD and Xiaomi making strong inroads into the sector.

TL;DR ⏳: Tesla is cutting over 10% of its staff globally to streamline operations and stay competitive in the toughening EV market.

Second Report

🌍 Biden Meets Iraq's PM Amid Middle East Tensions

This week, President Biden is scheduled to host Iraq’s Prime Minister, Shia al-Sudani, following a significant military conflict where U.S. forces intercepted Iranian missiles aimed at Israel. The discussions are set to focus on enhancing regional stability and the potential implications of maintaining U.S. military forces in Iraq. This strategic dialogue comes as the U.S. continues to support defensive operations in the region, including the recent interception of over 80 drones and several ballistic missiles launched by Iran.

TL;DR ⏳: President Biden will discuss regional security and U.S. military presence with Iraq's PM following recent Iranian attacks on Israel.

⚡ Quick Hits

1. 🛌 Trump appears weary in courtroom ahead of trial

2. 🚗 Ohio man, 81, fatally shoots Uber driver, 61, following scam that targeted both

3. 🚢 FBI agents investigate ship involved in Baltimore bridge collapse

4. 🎬 ‘Rust’ gun supervisor sentenced to 18 months for fatal on-set shooting

5. 🔫 Mass shooting near New Orleans nightclub results in 1 death, 11 injuries

6. 🗳️ House to vote on China's Iranian oil imports following Israel attack

7. 🇮🇱 IDF chief asserts Israel will retaliate against Iran missile strike

8. 💔 Priest stabbed during sermon in Sydney amid recent violence

9. 📉 Trump's stock plummets following announcement of massive share sale

10. 👀 Salesforce considers acquiring Informatica to enhance data capabilities

Games

Fun Fact: Did you know? In various places around the world, there are "magnetic hills" where vehicles seem to roll uphill instead of down. This phenomenon isn't due to any magnetic field but rather an optical illusion created by the surrounding landscape, which tricks the eyes into perceiving a downhill slope as an uphill one!