Tesla Shifts to Online Sales as Tech Industry Seeks New Strategies
Tesla closes most retail stores to cut costs and enable cheaper Model 3 pricing. Other tech giants like Twitter, Amazon, and TiVo also make major strategic shifts this week.
Tesla transitions to an online-only sales strategy, resulting in the closure of many retail stores and some layoffs. CEO Elon Musk states that a few locations remain open as information centers and showrooms. The company makes this dramatic shift to reduce costs and bring a more affordable Model 3 to market, though it does not specify the exact number of affected stores or employees.
Twitter confirms development of a new "Hide Tweet" feature that gives users control over conversations without fully muting or blocking others. Meanwhile, Amazon retires its physical stick-on Dash buttons in favor of virtual alternatives for Prime members. Additionally, Revolut's CFO resigns after reports reveal the startup turned off an anti-money laundering system due to false positives.
Samsung releases its 10th anniversary Galaxy S10+ smartphone during a transitional time for the industry. DVR maker TiVo prepares to split its business into two separate entities focused on products and intellectual property licensing. Furthermore, the fertility tech sector sees an upward trend in investment as founders and investors explore new innovations in the space.