Tesla is proposing a $56 billion compensation package for CEO Elon Musk and seeking to change its state of incorporation to Texas.

The company has announced the layoff of 285 employees at its Buffalo Gigafactory, which is roughly 14% of the site's workforce, effective from July 15.

This workforce reduction aligns with an internal memo from Musk about a 10% cut in Tesla's global staff.

New York state, which invested close to $1 billion in the factory, is concerned about the layoffs and may penalize Tesla for not meeting employment targets.

The layoffs are amidst a downturn in Tesla's solar business, with 2023 seeing the lowest solar deployments since 2020.

Tesla is pivoting its focus towards robotaxi technology and has canceled plans for producing a more affordable electric vehicle.

Elon Musk is planning a visit to India to explore potential collaborations between Tesla, SpaceX, and Indian space tech startups.

Shareholders will receive more information about Tesla's restructuring and future strategies during the April 23 discussion of first-quarter results.

Gerber Kawasaki CEO Ross Gerber criticizes Tesla's management and Musk's divided attention, suggesting the company needs a dedicated full-time CEO.