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Tesla plays to lay off thousands of Bay Area employees

Documents filed by the company shows workers in Palo Alto and Fremont will be among the company's mass layoffs. This comes as rising competition in the electric vehicle market caused Tesla's first quarter profit to plunge 55%. CBS News Bay Area anchor Ryan Yamamoto asks Olaf Groth, PhD, from UC Berkeley's Haas School of Business what this all means for the company and for California
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