Tesla shares drop after report that Musk is targeting 10% job cut amid ‘super bad feeling’ about global economy - MarketWatch

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  • Source: MarketWatch
  • 06/03/2022
Tesla shares drop after report that Musk is targeting 10% job cut amid ‘super bad feeling’ about global economy - MarketWatch
Elon Musk, Tesla Factory, Fremont (CA, USA) by Maurizio Pesce is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
The global economy apparently has the world’s wealthiest man concerned. 

An email with “pause all hiring worldwide” as its headline was reportedly sent to executives at electric-car giant Tesla TSLA, -6.99%, Reuters reported late Thursday. 

In the email, Chief Executive Elon Musk said that he had a “super bad feeling” about the economy, and that employee headcount needed to be cut by 10%, according to the Reuters report. Tesla employed around 100,000 people at the end of 2021, according to an annual SEC filing. Tesla did not immediately respond to a request for comment. 

Tesla shares fell more than 4% in premarket trading after closing up 4.6% at $776 on Thursday, amid a broad market rally, even as Microsoft MSFT, -0.88% cut its guidance ahead of the opening bell, blaming foreign-exchange rates.
 
Elon Musk, Tesla Factory, Fremont (CA, USA) by Maurizio Pesce is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)

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