Elon Musk is throwing his weight around Tesla, comes in like a wrecking ball
We are getting more information on the ongoing layoffs at Tesla. Several employees describe the situation as Elon Musk “throwing his weight around” to solidify his status after being mostly absent over the last year.
But he is coming in like a dangerous wrecking ball.
Sources familiar with the matter told Electrek that Musk was not as frequently present at Tesla as he used to be over the last year and since his acquisition of Twitter.
That has changed over the last few weeks.
Musk is now all over Tesla or at least, his presence is being felt everywhere at Tesla.
It started with the first wave of layoffs two weeks ago. Musk announced that Tesla would be laying off about 10% of its workforce and used his usual excuse of growing the headcount too fast, resulting in hiring inefficiencies with duplicate jobs.
However, when we first heard about those plans a day prior, we heard that the layoffs could be closer to 20% of the workforce.
Sure enough, the layoffs are still ongoing.
Tesla started another wave of layoffs this week – including the entire charging organization.
Now, Electrek has learned that Musk also gutted Tesla’s cathode material manufacturing team in Texas.
It started with Anthony Thurston, Senior Manager, Cathode Materials & Manufacturing at Tesla, earlier this month, but Electrek has learned that Musk has now let go of most of the team.
Sources familiar with the matter describe a difficult situation at Tesla right now. Uncertainty, confusion, and frustration are the main feelings going around the offices.
Several sources confirmed that there are rumors around Tesla that the vehicle engineering and design departments are next.
During Tesla’s earnings call last week, Musk commented a bit more on the layoffs. This time, he said it was about “reorganizing” the company:
We’ve made some corrections along the way. But it is time to reorganize the company for the next phase of growth and you really need to reorganize it.
Analysts and Tesla fans are trying to understand the logic behind some of these moves and the firing of almost the entire charging organization, around 500 people, has been hard to understand for most people.
Musk said that Tesla still plans to grow the Supercharger network but with a focus on existing stations:
We reported that Tesla has already backed out of leases for new Supercharger stations.
Sources say that Tesla will have issues continuing to grow the network without the organization of Rebecca Tinucci, Tesla’s former head of charging.
In the past, Tesla rehired people it fired after realizing that it couldn’t get the work done without them.
This is raising questions about the logic behind some of the layoffs and their efficacy.
Sources familiar with the matter believe that some of the layoffs have nothing to do with hiring inefficiencies or restructuring, but rather with Musk throwing his weight around Tesla.
Two sources told Electrek that Tinucci was fighting back pressure from Musk to fire a bigger percentage of her team, and the CEO decided to let go of the entire team as an example.
Musk wrote in an email to executives on Sunday:
“Hopefully, these actions are making it clear that we need to be absolutely hard-core about headcount and cost reduction. While some on exec staff are taking this seriously, most are not yet doing so.”
The message is clear: fire people as many people as I’m asking, or you and your entire team will be gone.
Electrek’s Take
This is clearly about more than hiring inefficiency and restructuring. Musk is cleaning house. It could be that he has serious concerns about the economy and lack of reversal for Tesla’s sales in the short term, but he didn’t go into that in the earnings call last week.
It could be about more than that. I don’t know if I completely agree with the theory that Musk is securing his leadership position at Tesla, but it is a viable theory.
As I previously presented, the vote on his compensation package is turning into a vote of confidence in the CEO.
These layoffs are useful for him on that front. A lot of the leadership is gone. With every leader leaving, Musk becomes more needed at Tesla. Also, it doesn’t hurt that all these leaders are unloading their stocks, which won’t be voted against him.
However, it raises the question: is it actually good for Tesla?
The Supercharger team did something incredible: build the only successful and liked fast-charging network in North America, which is critical to EV adoption.
Firing the entire team because the head was pushing back on the number of layoffs is ridiculous, especially if the plan is still to grow the network. Tesla needs to grow the network since it is currently onboarding other automakers on it. Even if Tesla sees its own sales slowing down, the Supercharger network will need a capacity increase.
Everyone I talked to at Tesla says that it is a complete mess. Contractors for most ongoing Supercharger projects lost their point of contact at Tesla. Again, many suspect Tesla will try to rehire some of the workers fired.
Tesla has hiring inefficiencies leading to layoffs and layoffs inefficiencies leading to new hires.
It’s not a good look.
The only way I can get behind Musk on this is if Tesla’s financials are really in the dumpster. It doesn’t look that bad right now based on the financial statements, but it’s not impossible that Tesla has internal numbers, like orders coming in, that look awful.
Some of this reminds me of Tesla in 2019. Things were looking pretty good, but Tesla launched a huge cost-cutting effort. We later learned that Tesla was on the verge of bankruptcy because it didn’t anticipate how costly it would be to launch Model 3 in high volume in Europe.
The long transit time put a lot of financial pressure on Tesla, and the cost-cutting effort was intended to compensate for that – Musk didn’t communicate to shareholders until later.
Maybe there’s something similar going on that we don’t know about, but at the same time, Tesla is in a completely different situation right now, sitting on $27 billion in cash.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.
WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev
Korean auto giants Hyundai and Kia think lower-priced EVs will help minimize the blow from the new US auto tariffs. Hyundai is set to unveil a new entry-level electric car soon, which will be sold alongside the Kia EV2. Will it be the IONIQ 2?
Hyundai and Kia shift to lower-priced EVs
Hyundai and Kia already offer some of the most affordable and efficient electric vehicles on the market, with models like the IONIQ 5 and EV6.
In Europe, Korea, Japan, and other overseas markets, Hyundai sells the Inster EV (sold as the Casper Electric in Korea), an electric city car. The Inster EV starts at about $27,000 (€23,900), but Hyundai will soon offer another lower-priced EV, similar to the upcoming Kia EV2.
The Inster EV is seeing strong initial demand in Europe and Japan. According to a local report (via Newsis), demand for the Casper Electric is so high that buyers are waiting over a year for delivery.
Hyundai is doubling down with plans to introduce an even more affordable EV, rumored to be the IONIQ 2. Xavier Martinet, CEO of Hyundai Motor Europe, said during a recent interview that “The new electric vehicle will be unveiled in the next few months.”
The new EV is expected to be a compact SUV, which will likely resemble the upcoming Kia EV2. Kia will launch the EV2 in Europe and other global regions in 2026.
Hyundai is keeping most details under wraps, but the expected IONIQ 2 is likely to sit below the Kona Electric as a smaller city EV.
More affordable electric cars are on the way
Although nothing is confirmed, it’s expected to be priced at around €30,000 ($35,000), or slightly less than the Kia EV3.
The Kia EV3 starts at €35,990 in Europe and £33,005 in the UK, or about $42,000. Through the first half of the year, Kia’s compact electric SUV is the UK’s most popular EV.
Like the Hyundai IONIQ models and Kia’s other electric vehicles, the EV3 is based on the E-GMP platform. It’s available with two battery packs: 58.3 kWh or 81.48 kWh, providing a WLTP range of up to 430 km (270 miles) and 599 km (375 miles), respectively.
Hyundai is expected to reveal the new EV at the IAA Mobility show in Munich in September. Meanwhile, Kia is working on a smaller electric car to sit below the EV2 that could start at under €25,000 ($30,000).
According to the report, Hyundai and Kia are doubling down on lower-priced EVs to balance potential losses from the new US auto tariffs.
Despite opening its new EV manufacturing plant in Georgia to boost local production, Hyundai is still expected to expand sales in other regions. An industry insider explained, “Considering the risk of US tariffs, Hyundai’s move to target the European market with small electric vehicles is a natural strategy.”
Although Hyundai is expanding in other markets, it remains a leading EV brand in the US. The IONIQ 5 remains a top-selling EV with over 19,000 units sold through June.
After delivering the first IONIQ 9 models in May, Hyundai reported that over 1,000 models had been sold through the end of June, its three-row electric SUV.
While the $7,500 EV tax credit is still here, Hyundai is offering generous savings with leases for the 2025 IONIQ 5 starting as low as $179 per month. The three-row IONIQ 9 starts at just $419 per month. And Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger if you buy or lease either model.
Unfortunately, we likely won’t see the entry-level EV2 or IONIQ 2 in the US. However, Kia is set to launch its first electric sedan, the EV4, in early 2026.
Ready to take advantage of the savings while they are still here? You can use our links below to find deals on Hyundai and Kia EV models in your area.
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As EVBox shuts down its Everon business across Europe and North America, EV charging provider Blink Charging is stepping up to offer support to customers caught in the transition.
EVBox’s software arm Everon recently announced it’s winding down operations alongside EVBox’s AC charger business. That’s left a lot of charging station hosts and drivers wondering what comes next. Now, EVBox Everon is pointing its customers toward Blink as a recommended alternative.
Blink says it’s ready to help, whether that means keeping existing chargers up and running or replacing aging gear with new Blink chargers.
“EVBox has played a significant role in the growth of EV charging infrastructure across the UK and Mainland Europe, and we recognize the trust hosts have placed in its solutions,” said Alex Calnan, Blink Charging’s managing director of Europe. “With the recent announcement of Everon’s withdrawal from the EV charging market, it’s natural to have questions about what this means for operations. At Blink, we want to assure Everon customers that we are here to help them navigate this transition.”
Blink says it’s able to offer advice, replacements, and ongoing network management to make the changeover as smooth as possible.
Everon users who switch to Blink will get access to the Blink Network portal via the Blink Charging app. That opens up real-time insight into charger usage and lets hosts set pricing, manage users, and download performance reports.
“At Blink, our charging technology is future-ready,” added Calnan. “With advancements like vehicle-to-grid technology on the horizon, our chargers are built to support the future of electric vehicles and charging habits.”
The company says its chargers are in stock and ready to ship now for any Everon customers looking to make the jump.
In October 2024, France’s Engie announced it would liquidate the entire EVBox group, which it said posted total losses of €800 million since Engie took over in 2017. EVBox is closing its operations in the Netherlands, Germany, and the US.
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