Tesla CEO Elon Musk told staff the electric-car maker was slashing more than 10% of its workforce on Sunday night, according to an internal memo viewed by Business Insider. In the individual layoff notices to impacted workers that were sent in the hours after Musk's companywide email, Tesla told workers they'd receive their severance information"within 48 hours," according to emails viewed by BI.
The carmaker appears to be offering workers two months of severance — meaning the workers will be paid through June 14, five former workers told Business Insider. The severance packages did not appear to be weighted based on the length of time workers had been with Tesla, as workers with anywhere from a few months to several years of experience at Tesla received the same number of weeks paid out, the five sources told BI.
Tesla is also offering to pay the cost of COBRA health insurance for two months for workers who had coverage through the company, according to a severance package offer viewed by BI. Tesla said the severance agreement must be signed within five business days of its receipt and workers will receive their severance pay 45 days after their termination date, according to a severance agreement viewed by BI.
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