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Tesla CEO Elon Musk Extends Diwali Greetings
New Delhi: Tesla and SpaceX CEO Elon Musk on Monday extended Diwali greetings to Indians and millions of people celebrating the festival of lights across the world.
Musk reposted a Diwali greeting on the social media platform X, saying “Happy Diwali”, while tagging a post from his company’s subsidiary Tesla India, saying, “Wishing you an electrifying and safe Diwali.”
Musk on October 2 became the world’s first person ever to reach a net worth of $500 billion, followed by Oracle’s Larry Ellison at a distant second. According to Forbes’ billionaires index, Musk’s net worth stood at $500.1 billion on October 2.
His feat came as Tesla shares rose over 14 per cent so far this year, closing 3.3 per cent higher on Wednesday (US time), adding more than $6 billion to Musk’s wealth.
Musk’s AI startup xAI was valued at $75 billion (as of July). xAI was targeting a $200 billion valuation after a fundraise, although Musk said the company was not raising capital at that time.
Meanwhile, Tesla has started delivering standard Model Y to its customers in India, while the delivery of the Long Range variant is going to commence soon.
The electric vehicle maker has announced that the new Model Y owners will be provided with a complimentary Wall Connector, allowing convenient installation in their parking space for easy home charging. The Model Y is available at a starting price tag of Rs 59.89 lakh.
In August, Tesla inaugurated its first showroom in the National Capital Region (NCR) at the Worldmark 3 complex in Aerocity, marking the electric carmaker’s second retail location in India (after Mumbai).
Several other global tech industry leaders also extended their Diwali wishes during the day. Apple CEO Tim Cook shared wishes along with sharing an image taken by an Indian photographer with an iPhone 17 Pro Max. Google CEO Sundar Pichai also extended his greetings for the festival of lights.
It is unusual for a senior figure at the Bank to be so forthright on market movements.
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People walk past a Nike store in New York City, on April 2, 2025.
Kylie Cooper | Reuters
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.
In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.
“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”
A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.
“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”
Affected employees will be notified beginning Thursday, Nike added.
CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.
Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”
Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.
In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.
— CNBC’s Jessica Golden contributed to this report.
A key reason for the layoffs is Meta’s increased spending in other areas of the company, including AI, for which it will this year spend $135bn (£100bn). This is roughly equal to the amount it has spent on AI in the previous three years combined, according to a person who viewed the memo.
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