Anticipating US downturn, Tesla boss details staff cuts

Speaking at an Economic Forum event here, Musk said the cuts would apply only to salaried workers, meaning a 3.5% reduction in total headcount, changes he described as “not super material”.

Update: 2022-06-22 04:34 GMT
Representative image

DOHA: Elon Musk, CEO of Tesla, said a 10% cut in salaried staff at the electric car maker will happen over three months, as the world’s richest man predicted a US recession was more likely than not.

His remarks were his most detailed explanation of job cut plans and his first in-person appearance since the media reported at the start of this month that the company needed to cut staff by about 10% and was pausing hiring worldwide.

Speaking at an Economic Forum event here, Musk said the cuts would apply only to salaried workers, meaning a 3.5% reduction in total headcount, changes he described as “not super material”. But he expressed concern about the prospect of a US recession. “It’s not a certainty, but it appears more likely than not,” he said. Musk’s outlook echoes comments from executives, including JPMorgan Chase & Co CEO Jamie Dimon and Goldman Sachs President John Waldron. A “hurricane is right out there down the road coming our way,” Dimon said early this month.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android

Tags:    

Similar News