Elon Musk has decided to pause all hiring and cut 10% of staff. Musk mentioned he has a bad feeling about the economy and wants to get ahead of it before it’s too late. Even the wealthiest, most successful business people are suffering from the drastic and threatening effects of inflation and the potential plummet of the economy.
Ken Martin; June 3, 2022
Tesla will be pausing hiring worldwide and jobs cuts are coming at the electric carmaker.
Tesla CEO Elon Musk says he has a “super bad feeling” about the economy and wants to cut about 10% of jobs, according to an email to executives on Thursday seen by Reuters.
Shares of Tesla are down 3% in premarket trading.
The latest news comes just two days after the world’s richest man told employees to return to the workplace or leave the company.
Tesla had around 100,000 employees at the end of 2021, according to its annual SEC filing.
Tesla was not immediately available for comment.
The email was titled “pause all hiring worldwide.”
Earlier this week, in another email, Musk said “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week.
In late May, when asked by a Twitter user whether the economy was approaching a recession, Musk said, “Yes, but this is actually a good thing. It has been raining money on fools for too long. Some bankruptcies need to happen.”