Billionaire Elon Musk wants to cut 10% of employees at Tesla

This is information according to an internal email reported by Reuters.

In the email titled “Suspending all recruiting activities worldwide”, the billionaire Elon Musk said, Tesla need to cut about 10% of staff.

Tesla did not respond to a request for comment.

Musk’s email comes at a time when the stock market has tumbled this year on fears the US economy will be in a recession, as the US Federal Reserve (Fed) sharply raised interest rates to combat the problem. Inflation soars.

Other CEOs have recently expressed concern about the economy, with JPMorgan Chase CEO Jamie Dimon this week predicting an “economic storm”.

Elon Musk is said to want to cut 10% of employees because of worries about the economy. (Image: Getty)

Mr. Dimon said at an investment conference: “It’s sunny right now, everything is going well. Everyone thinks the Fed can handle this. But the economic storm is right here and now, “It’s going towards our economy. We just don’t know if it’s a minor hurricane or Superstorm Sandy. You better be prepared.”

Concerns arise even as the labor market remains robust, with data on June 3 showing that US businesses added 390,000 jobs in May, while the unemployment rate held steady. stable at 3.6%.

Mr. Musk’s bad feeling about the economy comes even as sales of electric cars in the US and globally are picking up, allowing Tesla to post record profits in the first quarter of 2022.

In reality, however, Tesla continues to face manufacturing and supply chain challenges stemming from the pandemic. Tesla’s Shanghai factory was closed due to the pandemic earlier this year, significantly affecting its overall production.

Musk’s email comes after a series of leaked emails this week showed the Tesla CEO asking his employees to return to the office to work face-to-face for at least 40 hours a week or else they don’t want to be fired.

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