Read the memo Elon Musk sent Tesla staff announcing that the company is laying off more than 10% of the workforce [Video]

Elon Musk sent Tesla employees a memo on Sunday announcing that the EV maker would be laying off more than 10% of its workforce globally.

The internal email was sent close to midnight PT, per a timestamp seen by Business Insider.

In the memo, obtained by BI, the Tesla CEO said that there has been a “duplication of roles and job functions in certain areas” as the company has grown rapidly.

On Sunday night, workers who were impacted by the layoffs received an email to their personal accounts, informing them their roles had been eliminated.

“Effective now, you will not need to perform any further work and therefore will no longer have access to Tesla systems and physical locations,” the email read.

Tesla’s share price was down by 1.2% in premarket trading on Monday on the back of the job cuts news.

Over the weekend, Tesla workers had speculated that layoffs were on the horizon, as rumors that some managers …