Sharing is Caring!

Musk announces big job cuts at Tesla
The company’s CEO has warned a recession in the US is “likely”

Tesla will cut 10% of its salaried workforce over the next three months, Chief Executive Elon Musk said on Tuesday. Speaking at the Qatar Economic Forum organized by Bloomberg, he also warned that a recession in the US was likely.

“A recession is inevitable at some point, as to whether there is a recession in the near term, that is more likely than not,” the head of the electric carmaker said.

Musk said earlier this month that he had a “super bad feeling” about the economy. That’s when it was first reported that he planned to slash jobs, as he believed the company was overstaffed.

See also  Recession Has Begun | Don’t Wait Any Longer

According to a report by auto-focused news website Electrek, the cuts would only apply to employees on a salary, not hourly workers. In an email to company staff cited by Electrek, Musk said the layoffs would “not apply to anyone actually building cars, battery packs or installing solar.”

Help Support Independent Media, Please

See also  We Are Already in a Recession. Hard Times Are Upon Us! – Marc Faber

Views: 3