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Tesla will stop recruiting new employees, reducing staff by 10%

Tesla will stop recruiting new employees, reducing staff by 10% - Photo 1.

Billionaire Elon Musk asked Tesla to stop hiring, reduce employees by 10% – Photo: REUTERS

According to Reuters news agency, in an email to department heads on June 2, Musk raised his concerns and asked them to “pause all hiring globally”.

Tesla’s share price fell 9% in US trading on June 3 following this Reuters article.

In another email to employees on June 3, Musk said that Tesla will reduce the number of employees receiving salaries by 10% because the company is “redundant in many areas”. However, he said “the number of hourly employees will increase”.

“Please note, this plan does not apply to those who are in the manufacturing or assembly of cars, manufacturing batteries, or installing solar systems,” Musk wrote in the email.

According to the company, as of the end of 2021, there are nearly 100,000 people working at Tesla and its subsidiaries. However, this number does not make clear how many are regular employees and how many are hourly employees.

In recent weeks, Mr. Musk has warned of the risk economic depression. However, his email about hiring halts and layoffs is the most direct and high-profile message on the issue from the head of an auto company.

“Elon Musk has great insight into the global economy. We believe a message from him will have high credibility,” said Adam Jonas, an analyst at investment bank Morgan Stanley.

Inflation in the US is hovering at a 40-year high, causing people’s cost of living to skyrocket. The US Federal Reserve faces the difficult task of containing inflation without causing a recession.

Before Musk made his latest announcement, Tesla had about 5,000 job postings for a variety of positions globally. The company also scheduled an online recruitment event in Shanghai on June 9.

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