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Tesla’s Stock Drops as Tech Admin Resigns

Tesla has made a name for itself as one of the most innovative companies in the world. The company is  best known for its array of electric cars, solar panels, and the futuristic vision of its chief executive officer, Elon Musk.

During the first four months of 2019, the car company garnered an all-time record for e-vehicle sales. However, with the number of misfortunes happening in the company, Tesla’s administrators are now bracing for what may happen and are just hoping for the best to come.

Losses and Management Shifts

Regardless of the stellar sales of electric vehicles, Tesla lost around a dollar per share. This loss is significantly larger than the prediction of business analysts. Elon Musk is now doing all that he can to gain a profit in the next three months. However, he told Tesla’s stockholders that he will give precedence to his other goals for the company.

Musk also break the news that the senior executive position will soon be vacated. The same incident has happened already twice this year alone. Tesla’s co-founder J.B Straubel is now resigning from his post as the chief technology officer. Instead, he will just become an adviser for the company. Strebel has been with Tesla even before Musk became one of the executive boards a decade and a half ago.

What Happens to Tesla

Despite what is happening to Tesla, Musk is still optimistic about the premise of the company. Based on a letter he gave to the board of directors, he said that he is still positive that the third quarter may bring promising profits for the company. However, he will concentrate more on producing and delivering more electric cars, expand their factory’s capacities, and earn more money. He predicts that they will hit breakeven this quarter and become profitable again the following quarter.

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