Elon Musk Says He Has A Bad Feeling About The Economy
Elon Musk said this week that he has a “super bad feeling” about the economy and asked the leadership of his electric car company, Tesla, to pause all hiring worldwide.
According to a report by Reuters, Musk sent an email to his senior leadership expressing his concern and indicating he feels the need to reduce the company’s workforce by as much as 10% currently.
The email, which was sent on Thursday, was titled “pause all hiring worldwide” and came just two days after the CEO told staff to return to the workplace or leave.
Musk’s Tesla employs nearly 100,000, according to a recent filing with the SEC. Employees are spread between facilities in California, Nevada, Texas, China, and Germany. Cutting 10% of the company’s workforce would mean roughly 10,000 layoffs, a real hit to the already suffering job market in this nation.
Tesla shares were trading about 3.5% down in pre-market Friday morning after the report of the hiring freeze and possible layoffs were made public.
Demand for Tesla has remained strong despite the U.S. and International economic strains.
Musk’s dismal financial forecast appears to echo recent comments from executives, including JPMorgan Chase & Co CEO Jamie Dimon and Goldman Sachs President John Waldron. Both men have warned of an impending recession for the U.S.
This week, Dimon said a “hurricane is right out there down the road coming our way.”
Inflation in the United States is holding at 40-year record highs. The cost of living for Americans continues to rise almost weekly. Gas prices continue to surge, and food prices are expected to soar in the coming months.
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