Tesla shares could come down to as low as USD 10, according to a prediction presented by Morgan Stanley.
San Francisco: Elon Musk has rubbished reports circulating that the mammoth Electric Vehicle (EV) company Tesla has gone as far as the office washrooms to cut costs.
A report by Electrek said “teams at Tesla facilities are going to wayward extremes to cut costs and balance their sheets, including skipping on ordering toilet papers.”
The report was also tweeted to Elon Musk to which he said it was “complete nonsense.”
Fred Lambert, Electrek Editor-in-chief said: "I wish it was false too, but reliable employee sources have been reporting it. You can shoot the messenger all you want."
Tesla shares could come down to as low as USD 10, according to a prediction presented by Morgan Stanley, in the latest Wall Street firm to pile on to a current wave of negativity surrounding the electric car maker.
The report of Tesla's cost-cutting plan affecting toilet paper supplies at work comes after Elon Musk announced in May that he would personally look into every expenditure at Tesla, no matter how small it may be
The new cost-cutting plan involves examining every payment, including "parts, salary, travel expenses, and rent".
Referencing to the loss of USD 702 million that the automaker suffered in the last quarter, Elon Musk said the step is vitally important.
Currently, Tesla's market value is close to USD 61 billion and Musk has an estimated net worth of USD 20.1 billion, making him the 80th richest person in the world.