Musk confirms Tesla layoffs, talks crypto and coming recession at Qatar Economic Forum

Musk confirms Tesla layoffs, talks crypto and coming recession at Qatar Economic Forum

Elon Musk was out bright and early on Monday morning updating the market with the company’s latest developments and his prognostications about everything from the macroeconomic landscape to dogecoin at the Qatar Economic Forum.

He first tackled the topic of layoffs at Tesla, as the company is expected to reduce its salaried workforce by about 10% over the next three months, Musk said in an interview with Bloomberg News Editor-In-Chief John Micklethwait this morning.

“Tesla is reducing salaried workforce roughly 10% over the next 3 months or so. We expect to grow our hourly workforce. We grew very fast on the salaried side, grew a little too fast in some areas,” he said.

“A year from now, I think our headcount will be higher both in salaried and hourly,” he said while reaffirming that the company’s current headcount reduction will be 3% to 3.5%.

Tesla has grown to about 100,000 employees. It has been aggressively adding employees while expanding its infrastructure in places like Austin and Berlin.

The cuts have mostly involved “human resources representatives and software engineers” so far, the report says.

Recall, we noted days ago that Musk was encouraging all of his employees to return to the office: “Anyone who wishes to do