{"id":25126,"date":"2022-06-22T00:04:11","date_gmt":"2022-06-22T04:04:11","guid":{"rendered":"http:\/\/autosector.com\/?p=25126"},"modified":"2022-06-22T00:04:11","modified_gmt":"2022-06-22T04:04:11","slug":"tesla-musk-layoff-details","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=25126","title":{"rendered":"Anticipating US downturn, Elon Musk details Tesla staff cuts"},"content":{"rendered":"

DOHA – Elon Musk<\/a>, CEO of Tesla<\/a>, said a 10% cut in salaried staff at the electric car<\/a> maker will happen over three months, as the world’s richest man predicted a U.S. recession was more likely than not.<\/p>\n

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

Speaking at the Qatar Economic Forum organized by Bloomberg, 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”.<\/p>\n

But he expressed concern about the prospect of a U.S. recession.<\/p>\n

“It’s not a certainty, but it appears more likely than not,” he said.<\/p>\n

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<\/a> early this month.<\/p>\n

Whether the United States will go into recession has been a growing concern for chief executives, the Federal Reserve, and the Biden administration.<\/p>\n

U.S. President Joe Biden<\/a> reiterated on Monday that he felt a U.S. recession was not inevitable, even as the world’s largest economy struggles to tackle soaring gasoline prices and inflation, which is at its highest in 40 years.<\/p>\n

Former U.S. Treasury Secretary Lawrence Summers told NBC News on Sunday he expected a recession.<\/p>\n

In an email on June 2, seen by Reuters, Musk told Tesla executives he had a “super bad feeling” about the economy and that the company needed to cut staff by about 10% and “pause all hiring worldwide”.<\/p>\n

He said on Tuesday Tesla expected to increase the number of workers paid by the hour as opposed to on fixed salaries.<\/p>\n

He also said he was sticking with digital currency and intended to personally support dogecoin.<\/p>\n

Digital currency has been extremely volatile this year, but bitcoin surged following Tesla’s announcement in February last year that it had bought $1.5 billion of the currency and for a short time accepted it as payment for vehicles.<\/p>\n

‘Very significant matter’ unresolved in Twitter deal<\/strong><\/p>\n

Elon Musk also spoke about his bid to buy Twitter, which Forbes magazine reported early this month he had agreed to buy for $44 billion.<\/p>\n

Musk said there were unresolved issues, including the debt portion of the deal and the number of spam users.<\/p>\n

“We’re still awaiting resolution on that matter, and that is a very significant matter,” he said, reiterating doubts over Twitter’s claims that false or spam accounts represented fewer than 5% of its monetisable daily active users.<\/p>\n

“And then of course, there’s the question of, will the, the debt portion of the round come together? And then will the shareholders vote in favour?”<\/p>\n

Musk said he would like to get 80% of North America and half the world on Twitter.<\/p>\n

“My aspiration for Twitter is to be as inclusive as possible,” he said.<\/p>\n

The most important thing was to take the company in the right direction, as at his private rocket company SpaceX and Tesla, he said.<\/p>\n

“Whether I am CEO is much less important than my ability to drive the product in the right direction,” he said.<\/p>\n

(Additional reporting by Nadine Awadalla in Dubai and Hyunjoo Jin in San Francisco; Writing by Saeed Azhar; editing by Jason Neely and Barbara Lewis)<\/p>\n","protected":false},"excerpt":{"rendered":"

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 U.S. recession was more likely than not. His remarks were his most detailed explanation of job cut plans and his first in-person appearance since […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[],"class_list":["post-25126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-design-concepts"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/25126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25126"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/25126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25126"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}