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In anticipation of the U.S. recession, Elon Musk details Tesla’s staff’s cuts by Reuters

© Reuters. File Photo: Elon Musk arrives in the United States: Fashion-themed Met Gala anthology at the Metropolitan Museum of Art in New York City, New York, USA, May 2, 2022.Reuters / Andrew Kelly

Andrew Mills, Youssef Saba, Hyunju Jin

Doha (Reuters)-Tesla CEO Elon Musk said electric car maker salarymen will be cut by 10% as the world’s wealthiest men predict that the US recession is likely.

His remarks are his most detailed workforce reduction plans since Reuters reported https://www.reuters.com/technology/exclusive-musk-says-tesla-needs-cut-staff-by-10. It was his explanation and his first face-to-face appearance. -pauses-all-hiring-2022-06-03 Earlier this month, the company needed to reduce staff by about 10% and suspended hiring around the world.

At the Qatar Economic Forum hosted by Bloomberg, Mr. Musk said the cuts would only apply to office workers, meaning a 3.5% reduction in total headcount, and he said he was “not super important.”

However, he expressed concern about the outlook for the US recession.

“It’s not certain, but it seems more likely than not,” he said.

Mask’s outlook reflects comments from executives such as JPMorgan Chase and Company (NYSE :) CEO Jamie Dimon and Goldman Sachs (NYSE :) President John Waldron. “Hurricanes are on our way,” said Dimon https://www.reuters.com/markets/us/fed-would-struggle-achieve-soft-landing-wells-fargo-ceo-warns- 2022. -06-01 said earlier this month.

Whether the United States will fall into a recession https://www.reuters.com/business/energy/biden-says-decision-pause-federal-gasoline-tax-could-come-by-end-week-2022-06-20 Is of increasing concern to the Chief Executive Officer, the Federal Reserve, and the Biden administration.

US President Joe Biden reiterated on Monday that he felt that a recession in the United States was inevitable, even though the world’s largest economy struggled to combat rising gasoline prices and inflation.

Former US Treasury Secretary Lawrence Summers told NBC News on Sunday that he expected a recession.

In a June 2 email seen by Reuters, Musk has “very bad feelings” about the economy to Tesla executives, and the company has cut staff by about 10% and “all hires around the world.” “Pause”, he said.

He said on Tuesday that Tesla expects to increase the number of workers paid on an hourly basis rather than a fixed salary.

He also said he is sticking to digital currencies and intends to personally support Dogecoin.

This year’s digital currencies are very volatile, but Bitcoin surged after Tesla announced in February last year that it had bought $ 1.5 billion in currency and accepted it as a vehicle payment in a short period of time.

“Very important issues” that have not been resolved in Twitter transactions

Elon Musk also talked about his bid to buy Twitter (NYSE :). It reported that Forbes magazine agreed to buy for $ 44 billion earlier this month.

Musk said there were unresolved issues such as the debt portion of the transaction and the number of spam users.

“We are still waiting for the problem to be resolved, and it’s a very important issue,” he said.

“And, of course, the question is whether the debt portion of the round will come together and whether shareholders will vote in favor.”

Musk said he wants to get 80% of North America and half of the world on Twitter.

“My desire for Twitter is to be as comprehensive as possible,” he said.

Most importantly, like his private rocket companies SpaceX and Tesla, was to guide the company in the right direction, he said.

“Whether I’m the CEO is far less important than my ability to guide the product in the right direction,” he said.

In anticipation of the U.S. recession, Elon Musk details Tesla’s staff’s cuts by Reuters

Source link In anticipation of the U.S. recession, Elon Musk details Tesla’s staff’s cuts by Reuters

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