Tesla CEO Elon Musk said the company needs to slash its workforce by 10 percent due to his uneasiness about the future of the economy in an email to executives sent Thursday that was obtained by Reuters.
Reuters reported Musk told executives he has a “super bad feeling” about the economy and the company would need to cut 10 percent of jobs.
The email, titled “pause all hiring worldwide,” was reported by Reuters on Friday. Following the report, the company’s shares fell by 9 percent in the U.S.
The Hill has reached out to Tesla for comment.
Musk’s concerns about the economy come as the U.S. has faced record-high inflation and fears of a recession loom over the country.
On Tuesday, Musk told Tesla employees they must work at least 40 hours a week in the office.
“Tesla has and will create and actually manufacture the most exciting and meaningful products of any company on Earth,” Musk said. “This will not happen by phoning it in.”
Employees must come into the office for 40 hours a week or “depart” the company, Musk said.