Elon Musk has realized, it seems, that the economy isn’t doing that great.
In an email to executives, Tesla CEO said he has a “super bad feeling” about the economy. He also wants to pause all hiring and cut about 10% of jobs at Tesla, Reuters reported Thursday.
Tesla has 99,290 employees, not counting part-time workers. The company last had a big workforce cut in 2019, when it laid off 7% of its employees.
Reuters, who has seen Musk’s “brief” email, says Musk didn’t elaborate on what, exactly, he feels is going to happen with the economy.
Musk’s email comes just two days after another email he’d sent to Tesla executives, telling them that remote work at Tesla is “no longer acceptable.”
“Anyone who wishes to do remote work must be in the office for a minimum (and I mean minimum) of 40 hours per week or depart Tesla,” he wrote in the email.
Musk’s feelings about the economy are shared by many prominent economists. Yesterday, JP Morgan Chase Jamie Dimon told investors to prepare for “a hurricane” caused by the Russia-Ukraine war as well as the Federal Reserve’s recent economic measures. In May, Goldman Sachs Senior Chairman Lloyd Blankfein warned that there’s a “very, very high risk of recession.” Musk himself has recently predicted that a global prediction is coming, calling it a good thing, as “it has been raining money on fools for too long.”
