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Layoffs Hit Snap; Tesla Motors Fires Hundreds

LOS ANGELES (CBSLA/AP) — Could there be trouble in tech paradise?

Snapchat parent company Snap Inc., based in Venice, was hit with layoffs this week, after two years of rapid hiring.

Eighteen were laid off from Snap's recruiting division this week, according to Business Insider, and the social media company plans to slow its hiring in 2018. Snap had just laid off roughly a dozen people in the hiring division that makes the social media company's Spectacles camera glasses just last month.

Snap went public in March, but its stock has dropped roughly 28 percent since then.

Meanwhile, Tesla Motors is under pressure to deliver its Model 3 sedan to a waiting list of more than 450,000 customers but made just 260 of the vehicles in its last quarter.

Tesla Motors fired hundreds of workers after its annual performance reviews last week. An estimated 400 to 700 workers lost their jobs in administrative, sales and manufacturing operations.

Despite the mass firings, Tesla is still looking to hire hundreds more workers.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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