The shares had their worst day in 30 years after the company missed earnings estimates and announced plans to lay off 2,000 workers.
The unemployment rate remains at historically low levels amid the mixed labor numbers.
The layoffs of about 100 senior-level staff will allow the retailer to move faster, reduce costs, and be more responsive to changing customer expectations.
Most of the job cuts will come from support staff as the video game publisher prioritizes investment in its biggest franchises.
CEO Elon Musk says costs must be cut because "our products are still too expensive for most people.”
The moves are part of GM's effort to position itself for a future of electric and autonomous vehicles.
"It is clear that Tesla is under tremendous pressure to finally turn a profit and is attempting to address it by cutting overhead."
The struggling furniture and equipment rental firm has been under pressure from activist investors to sell itself.
The layoffs will add to last year's $450 million in cost savings as the personal care company continues to adjust to weak sales in North America.
The drugmaker says "there is no alternative" to its restructuring plan amid pricing pressure on its core generics business.
The drugmaker is restructuring as it tries to rebuild its drug pipeline amid investigations of its sales practices.
The drugmaker is seeking to become "a leaner, more nimble global organization" as it invests in a new generation of medicines.
