Elon Musk Tesla

Tesla is cutting 10% of its salaried employees CEO Elon Musk wrote in an e-mail to all employees there on Friday.

Tesla will be reducing salaried headcount by 10% as we have become overstaffed in many areas. Hourly headcount will increase. Tesla CEO Elon Musk said in an email to all employees at the electric vehicle maker on Friday that the company will cut 10% of salaried workers and will instead rely on more hourly workers.

Experts have warned that recession fears are likely overblown, but Musk reportedly wants to lay off 10% of Tesla's nearly 100000 workers.

The NHTSA has opened multiple investigations into Tesla over separate safety-related issues, many involving the potential use of the carmaker’s autopilot feature. Tesla has plunged 41% this year, while the tech-heavy Nasdaq is down 24%. Tesla shares plummeted Tuesday after CEO Elon Musk reportedly told executives he needed to scale back hiring and cut jobs due to growing concerns over the economy, adding to worries about the electric-vehicle maker that have spurred staggering losses for its shares this year.

Tesla CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails ...

China accounted for just over a third of Tesla's global deliveries in 2021, according to company disclosures and data released on sales there. In another email to employees on Friday, Musk said Tesla will be reducing salaried headcount by 10%, as it has become "overstaffed in many areas." I see the statements as a forewarning and a precautionary measure," said Hanover-based NordLB analyst Frank Schwope. "Elon Musk has a uniquely informed insight into the global economy. A message sent to executives on Thursday laid out his concerns and told them to "pause all hiring worldwide." Register now for FREE unlimited access to Reuters.com It did not break down numbers of salaried and hourly workers. In a Tuesday email, Musk had said Tesla employees were required to be in the office for a minimum of 40 hours per week, closing the door on any remote work. Register now for FREE unlimited access to Reuters.com Inflation in the United States is hovering at 40-year highs and has caused a jump in the cost of living for Americans, while the Federal Reserve faces the difficult task of dampening demand enough to curb inflation while not causing a recession. Register now for FREE unlimited access to Reuters.com SAN FRANCISCO, June 3 (Reuters) - Tesla (TSLA.O) CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails seen by Reuters.

Tesla CEO Elon Musk has a "super bad feeling" about the economy and wants to cut about 10% of jobs at the electric carmaker, he said in an email to ...

"Everyone at Tesla is required to spend a minimum of 40 hours in the office per week," Musk wrote in his Tuesday email. In late May, when asked by a Twitter user whether the economy was approaching a recession, Musk said: "Yes, but this is actually a good thing. Some bankruptcies need to happen." The US will cool off, while China and Europe are not going to rebound," he said. We expect a cooling of the global economy towards the end of the year. Inflation in the US is hovering at 40-year highs and has caused a jump in the cost of living for Americans, while the Federal Reserve faces the difficult task of dampening demand enough to curb inflation while not causing a recession.

Tesla shares dipped about 6% on Friday after news that CEO Elon Musk plans a hiring freeze and 10% job cuts at his electric vehicle and renewable energy ...

As Tesla shares dip, so do some of Musk's capital resources. Osborne wrote: "We expect Tesla to point to challenges in achieving its stated goal of about 50% delivery growth in 2022. Tesla shares dipped 8.5% on Friday on news that CEO Elon Musk plans for a hiring freeze and 10% job cuts at his electric vehicle and renewable energy venture.

In an email to executives, the billionaire CEO says he has a “super bad feeling” about the economy.

It also cut salaries and furloughed employees early in the pandemic. The layoff announcement preempted what are expected to be tough second quarter results, after Tesla’s Shanghai production lines were stalled because of China’s covid crackdown. The attacks on remote work mirrored opinions he expressed about Twitter, the highly influential social media site he is aiming to take private, which had been noted for its relaxed environment and flexibility of work arrangements. The layoffs and crackdown on flexibility were seen among some analysts as an effort to project financial discipline, which would buffer the stock. In all, U.S. employers have added more than 6.5 million jobs in the past year, with many of those gains concentrated in industries such as manufacturing, hospitality and transportation that are racing to keep up with booming demand. Musk launched a poll in April asking in jest whether Twitter’s headquarters should be turned into a homeless shelter “since no one shows up anyway" — a clear shot at the company’s indefinite remote work policy.

Tesla CEO Elon Musk has a "super bad feeling" about the economy and wants to cut about 10% of jobs at the electric carmaker, he said in an email to ...

"Everyone at Tesla is required to spend a minimum of 40 hours in the office per week," Musk wrote in his Tuesday email. Inflation in the United States is hovering at 40-year highs and has caused a jump in the cost of living for Americans, while the Federal Reserve faces the difficult task of dampening demand enough to curb inflation while not causing a recession. Musk's stark warning of a potential recession and the knock-on effect for automakers is the most direct and high-profile forecast of its kind in the industry.

An earlier report by Reuters said Musk planned to cut Tesla staff by 10% because he has a "super bad feeling about the economy."

But coronavirus-related restrictions in China have crimped output at the company’s Shanghai plant, leading some analysts to question whether Tesla can meet its goal of 50% annual growth in deliveries. The comments came several hours after Reuters reported that Musk told company executives he would reduce Tesla staff because he had a “super bad feeling” about the economy. They also caught some on Wall Street off guard, with Credit Suisse analyst Dan Levy calling the comments “a surprise to us given significant growth path” ahead for Tesla.

Atlassian boss Scott Farquhar says he'd be happy to poach Musk's employees for remote jobs at his software company, which allows staff to work from home.

Yes, right now it’s not perfect, but we have to experiment to get it right,” he tweeted. “This is the future of how we will work. By contrast, software giant Atlassian told employees in mid-2020 they never needed to come back into the office.

Elon Musk has clarified that Tesla laying off 10% of its workforce only applies to "salaried employees" and not hourly workers.

Of course, Musk also stated to execs that he is worried about the economy, which led to Tesla’s stock falling more than 8% this morning. Earlier today, we reported on Elon Musk telling Tesla executives in an email that they need to cut 10% of the workforce and pause hiring due to having a “super bad feeling” about the economy. Firstly, it literally cannot support having all those people at its offices, which might be why Musk announced the stop of remote work.