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Elon Musk is the richest person in the world, but recent actions show he has a bad premonition of the economy.
He is the CEO of San FranciscoTesla a business which has employed around 100,000 people by the end of 2021.
According to CNN reports, Musk wants to cut about 10% of jobs in the electric car maker.
This was announced via a first email from Reuters, explaining how employees were asked to return to work or leave the company.
“Everyone at Tesla is required to spend at least 40 hours a week in the office. “If you do not show up, we will assume that you have resigned.” wrote Musk in Tuesday’s email.
Musk’s stern warning of a possible contraction and detrimental effect to vehicle manufacturers, is the most direct forecast in the industry.
As concerns about the risk of a business contraction have grown, demand for Tesla cars and other electric vehicles has been high. But indicators have reported a decline, which includes rising trade inventories in the United States that have not materialized.
Tesla has struggled to resume production at its Shanghai plant after Covid-19 blockages forced costly plant shutdowns.
Musk’s thoughts echoed in recent comments from executives, including JPMorgan Chase (JPM) CEO Jamie Dimon and Goldman Sachs (GS) president John Waldron.
“A hurricane is right there down the road coming from us.” said Dimon this week.
Inflation in the United States is moving to its highest levels in 40 years and has caused an increase in the cost of living for Americans, while the Federal Reserve faces the difficult task of reducing demand enough to curb it, not causing a shrinkage.
Musk also had a debate this Thursday on Twitter, with Australian tech billionaire and Atlassian (TEAM) co-founder Scott Farquhar, who ridiculed him in a series of posts calling him something of the 1950s.
“Recessions serve a vital function of economic cleansing” in response to a Twitter post by Farquhar encouraging Tesla employees to look at its remote work positions.Musk wrote on Twitter.
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