Musk feels bad about economy, needs to cut 10% of Tesla jobs

Musk feels bad about economy, needs to cut 10% of Tesla jobs

Tesla CEO Elon Musk has a “super bad feeling” about the economy and needs to cut about 10 per cent of jobs at the electric carmaker, he said in an email to executives seen by Reuters. The message, sent on Thursday and titled “pause all hiring worldwide”, came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession. Tesla shares fell 9 per cent in US trade on Friday after the Reuters report. The tech-heavy Nasdaq was down about 2 per cent. Almost 100,000 people were employed at Tesla and its subsidiaries at the end of 2021, its annual SEC filing showed. The company was not immediately available for comment. Musk has warned in recent weeks about the risks of recession, but his email ordering a hiring freeze and staff cuts was the most direct and high-profile message of its kind from the head of an automaker. “Elon Musk has a uniquely informed insight into the global economy. We believe that a message from him would carry high credibility,” Adam Jonas, an analyst Morgan Stanley, said in a report. “If