Elon Musk Apologizes for 'Incorrectly Low' Severance Packages and Seeks Shareholder Approval for $56 Billion Pay Package

Tesla CEO Elon Musk apologized for incorrectly low severance packages sent to some of the over 14,000 employees laid off this week, as the company issued its largest round of layoffs in its 20-year history. Workers were notified via email and some discovered their unemployment only upon being turned away by security at the door. The severance agreement offered two months of pay and health insurance, but required ex-employees to sign a contract within five days, prohibiting them from joining lawsuits against the company or sharing trade secrets. Tesla stock slid after being downgraded by Deutsche Bank, and the company has seen several high-level departures amidst the layoffs.