According to a Bloomberg report on Monday, electric vehicle giant Tesla (NASDAQ:TSLA) has laid off a newly formed marketing team as part of company-wide layoffs.
The move is said to change course from an advertising push that Chief Executive Elon Musk approved of less than a year ago.
The publication, citing people familiar with the matter, reveals in its report that the whole US "growth content" team was eliminated in the ongoing job cuts. The team was a group of about 40 employees led by senior manager Alex Ingram.
Ingram and Jorge Milburn, who led the team, were also said to have been dismissed. Tesla currently still employs a limited number of marketing personnel in Europe.
Significant layoffs also occurred in Tesla's design studio located in Hawthorne, California.
In a post on X responding to news of the growth content team layoffs, Elon Musk said: "The ads were far too generic – could've been any car."
Tesla shares are down more than 3% Monday at around the $142 mark, trading at levels last seen in January 2023.