Report: Musk Wants Hiring Freeze, 10% Staff Cut at Tesla

    Photo: Getty Images [via Business Insider]

    The Facts

    • Tesla CEO Elon Musk has reportedly told executives via an email obtained by Reuters that he'd like a pause on hiring and would like to cut 10% of the company's staff because he has a "super bad feeling" about the economy.

    • According to Tesla's most recent SEC filing, the carmaker employs roughly 100K people, so thousands of jobs could be lost.

    The Spin

    Right narrative

    Things clearly aren't as sunny as the Biden administration would have us believe. There's still a lot of anxiety over a profit recession because consumers are working down their savings, and their spending will inevitably slow down soon. What's happening at Tesla will happen everywhere without better economic policies.

    Left narrative

    While the jury's still out on whether a recession is coming, the downturn at Tesla is self-inflicted. There's been no fall in demand for Tesla cars or other EVs; Tesla's stock price dipped when Musk began his still-pending pursuit of Twitter. Now this message goes public, further decreasing the stock price.

    Nerd narrative

    There's a 50% chance that Tesla's market capitalization will be at least 1.6 trillion dollars by January 1, 2030, according to the Metaculus prediction community.

    Public figures in this story

    Political split



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