Elon Musk feels the US economy is ‘extremely bad’

An international piece of information published and analyzed by many financial websites over the weekend in the US is an internal letter from Tesla sent by the world’s richest billionaire, Elon Musk, to the human resources department and leaders. high level is said to be leaked.

The world’s richest billionaire, Elon Musk. (Photo: AP)

Accordingly, the CEO of Tesla mentioned two things: one is the billionaire’s “extremely bad feeling” about the growth prospects of the company. US economy; second, Elon Musk demanded to immediately cut 10% of Tesla’s staff.

With more than 90 million followers on the social network Twitter, Elon Musk’s comment, in the context that Tesla still has the highest growth rate in the auto industry, immediately caused a storm.

Elon Musk lost nearly $ 17 billion a day after the news that he wanted to lay off 10% of Tesla employees.

Only Dow Jones on Friday (June 3) lost more than 500 points at times, while Tesla shares lost up to 9% of their value. The incident was so serious that President Joe Biden had to go on television to reassure and try to give a positive picture of the US economy.

In fact, Elon Musk is not the first to comment on the possibility of a recession in the US economy, but more and more CEOs at Goldman Sachs, JPMorgan… are also making similar comments.

“I used to say that storm clouds were circling the US economy, but now I’ll correct it: This is a hurricane,” JPMorgan CEO Jamie Dimon said at a financial conference in New York on Thursday. June 1, “While the situation seems to be fine for the time being, no one knows if what’s coming is a ‘minor storm or superstorm Sandy. You’d better prepare yourself mentally. JPMorgan is also preparing and we will be very careful with the balance sheet.”

Inflation in the US is hovering around a 40-year high and driving up the cost of living. Meanwhile, the Fed faces a demand pullback strong enough to contain inflation without triggering a recession, a daunting task.

Mr Musk, the world’s richest person according to Forbes, did not specify the reason for his “extremely bad feeling” about the economic outlook in the email.

Many analysts have lowered their price targets on Tesla stock recently, predicting a slowdown in vehicle deliveries because of the blockade in China. China accounts for more than a third of Tesla’s global vehicle deliveries in 2021, according to the company.

Earlier, Mr. Musk issued a warning to Tesla employees, asking employees to return to work at the office or lose their jobs.

In an email sent on June 1, Musk wrote: “Every employee at Tesla is required to spend at least 40 hours at the office each week. If you don’t show up at the office, we’ll assume you’ve resigned.”

In recent comments, Mr. Musk has repeatedly mentioned recession risks. “In my opinion, we’re probably entering a recession and this recession will get worse. The hard period will probably last 12-18 months,” Musk said at a conference in mid-May 2022.

At the end of May 2022, when asked on Twitter if the US economy will fall into recession, Mr. Musk said: “Yes. But it’s actually a good thing. Fools got their money from heaven. down for too long. Some bankruptcy needs to happen.”

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