inflation is pushing up high manner prices. lavishness buyers do n’t seem to mind How this cordial reception company is adapting to changes in the work force Workers consider cost of commute : ‘It does n’t make sense for me ‘ How the Biden WH predictions about inflation are biting back now ‘I was wrong ‘ : US treasury secretary admits she was wrong about US inflation in 2021 WASHINGTON, DC – OCTOBER 14 : In this photograph exemplification, a Social Security circuit board sits aboard checks from the U.S. Treasury on October 14, 2021 in Washington, DC. The Social Security Administration announced recipients will receive an annual cost of living adjustment of 5.9 %, the largest increase since 1982. The larger increase is aimed at helping to offset rising inflation. See what this amuesment park is doing to combat staff shortages GRUENHEIDE, GERMANY – borderland 22 : Tesla CEO Elon Musk speaks during the official afford of the modern Tesla electric car fabrication plant on March 22, 2022 near Gruenheide, Germany. The new plant, officially called the Gigafactory Berlin-Brandenburg, is producing the Model Y american samoa well as electric car batteries. ( Photo by Christian Marquardt – Pool/Getty Images ) Tesla CEO Elon Musk has a “ super bad feeling ” about the economy and wants to cut about 10 % of jobs at the electric car manufacturer, he said in an electronic mail to executives on Thursday seen by Reuters .
The message came two days after the earth ’ second rich man told employees to return to the workplace or leave the party.
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Tesla ( TSLA ) employed around 100,000 people in the company and its subsidiaries at the end of 2021, according to its annual SEC charge .
The company was not immediately available for comment .
Musk ’ s bare warn of a potential receding and the knock-on effect for automakers is the most direct and high-profile forecast of its kind in the industry .
While concerns about the risk of a receding have grown, need for Tesla cars and other electric vehicles has remained solid and many of the traditional indicators of a downturn — including increasing dealer inventories in the United States — have not materialized .
But Tesla has struggled to restart output at its Shanghai factory after Covid-19 lockdowns forced dearly-won outages at the implant .
Musk ’ s gloomy mentality echoes late comments from executives including JPMorgan Chas ( JPM ) e CEO Jamie Dimon and Goldman Sachs ( GS ) President John Waldron .
A “ hurricane is mighty out there down the road coming our way, ” Dimon said this week .
ostentation 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 job of dampening need enough to curb ostentation while not causing a receding .
‘Pause all hiring’
Before Musk ’ s warn, which came in an electronic mail titled “ pause all hiring global, ” Tesla had about 5,000 job postings on LinkedIn from sales in Tokyo and engineers in its new Berlin gigafactory to deep learning scientists in Palo Alto .
Musk ’ mho demand that staff return to the agency has already faced pushback in Germany.
“ Everyone at Tesla is required to spend a minimum of 40 hours in the function per week, ” Musk wrote in his Tuesday e-mail. “ If you don ’ t show up, we will assume you have resigned. ”
Musk besides engaged on Thursday in a Twitter spit with Australia technical school billionaire and Atlassian ( TEAM ) co-founder Scott Farquhar, who ridiculed the directive in a series of tweets as being “ like something out of the 1950s. ”
Musk tweeted : “ recessions serve a full of life economic cleansing serve ” in response to a tweet by Farquhar who encouraged Tesla employees to look into its remote control work positions .