In a series of unfortunate events for Tesla, CEO Elon Musk is facing backlash as the carmaker lays off 10 percent of its workforce and controversy surrounds Musk's compensation package. The recent developments have sent Tesla stock tumbling, erasing much of the gains made earlier this year.

Despite the challenging times ahead for Tesla, Musk has been determined to secure a previously discarded $56 billion pay package for himself. To persuade shareholders, the company has even launched a dedicated website promoting the plan. The move has raised eyebrows, particularly as Musk had to apologize for providing insufficient severance packages to the laid-off employees.

Musk's history of shortchanging former employees extends beyond Tesla. Last month, ex-Twitter executives, including former CEO Parag Agrawal, filed a lawsuit against X-formerly-Twitter, seeking over $128 million in unpaid severance. The court filing alleges that Musk, under his control, has allowed Twitter to mistreat its employees, vendors, and others, demonstrating a disregard for rules and using his wealth and power to bulldoze those who disagree with him.

Adding to Tesla's troubles, Reuters reported that the company has abandoned its plans for the Model 2, a more affordable mass-market vehicle, in favor of a "robotaxi." This revelation has disappointed investors, resulting in Tesla stock falling below $150 per share, wiping out a substantial portion of the company's gains in 2023. Tesla now stands as one of the poorest-performing companies on the S&P 500, down approximately 37 percent year-to-date.

The combination of mishandled severance packages for terminated employees, coupled with Musk's relentless pursuit of a substantial compensation package, is leaving a bitter taste in the mouths of investors. The controversies, layoffs, and disappointing strategic decisions have put Tesla's future under scrutiny, adding uncertainty to the company's prospects in the electric vehicle market.