STORY: Tesla CEO Elon Musk has a ‘super bad feeling’ about the economy and the electric car company needs to cut about 10% of jobs.
That’s what he wrote in an email to executives Thursday (June 2) titled ‘pause all hiring worldwide’.
Musk has warned in recent weeks about the risks of recession.
His outlook also follows recent comments from executives at JP Morgan and Goldman Sachs.
JP Morgan CEO Jamie Dimon said a ‘hurricane is right out there down the road coming our way’ earlier this week.
Inflation in the U.S. is at 40-year highs and has caused a jump in the cost of living for Americans.
Demand for Tesla cars and other EVs has stayed strong this year, though, and many traditional indicators of a downturn have not yet appeared.
But Tesla has struggled to restart production at its Shanghai factory after health crisis lockdowns forced costly outages.
Musk did not elaborate on the reasons he had a ‘super bad feeling’ about the economy.
Tesla and its subsidiaries employed almost 100,000 people at the end of 2021, its yearly SEC filing showed.
The company was not immediately free for comment about Musk’s message.