Elon Musk's appointment as head of government spending efficiency contrasts with his history of actions that coincided with repeated company value losses. Tesla stock fell after incidents such as Musk smoking weed on the Joe Rogan show and after his controversial "sieg heil" remark, and earlier stock dropped following the firing of a high-value employee on the "Do Not Fire" list. Musk's X fired around 6,000 workers after his 2022 takeover. Former X employees sued seeking $500 million in severance pay. X and the former employees reached a settlement agreement in principle, but settlement details have not been made public.
One of the strangest things about appointing Elon Musk as the head of government spending efficiency is that he's largely known for easily preventable and repeated company value loss. There's that time Tesla stock plummeted because he smoked weed on the Joe Rogan show, there's that time Tesla stock sank by 26% after he "gave his heart out" via sieg heil,
These workers sued the company over their terminations and severance packages, after around 6,000 workers - more than half the workforce - were laid off when Musk first took over the company in 2022. Court documents filed by both sides state, "The parties have reached a settlement agreement in principle and began negotiating the terms of a long form settlement agreement," according to the BBC. Details of the settlement have not been made public.
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