Why Tesla Stock Is Soaring Today

Shares of Tesla (NASDAQ: TSLA) spiked Tuesday after CEO Elon Musk clarified some comments he made earlier this month about upcoming layoffs at the electric vehicle company. 

The EV stock was up by 11.5% as of 1:01 p.m. ET. 

Earlier this month, Reuters reported that Tesla would lay off 10% of its salaried employees, citing an email written by Musk to employees. In the email, Musk said that he had a "super bad feeling" about the economy. He also made it clear that those planned cuts did not include workers directly involved in building Tesla's products.  

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Source Fool.com