Electek, a news website that tracks the automotive industry, reported that musk said in an internal email that it would significantly reduce the number of employees, which is 10% of the existing employees, because Tesla "has become overstaffed in many fields". Musk said that the layoffs "do not apply to any department that actually manufactures cars, battery packs or installs photovoltaic modules", and the company will increase the number of hourly workers.
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It is reported that musk told executives that he would lay off staff because he had a "super bad feeling" about the economy.
Affected by this, Tesla's share price plummeted after the opening of the US stock market on Friday. By the end of the day, it had fallen by 9.22%.
However, U.S. President Biden dismissed Musk's latest statement. He refuted the billionaire's economic warning and wished him success in his space business. Wall Street was also taken by surprise by Tesla news. Credit Suisse analyst Dan Levy said, "given Tesla's growth path and future growth prospects, this news surprised us.".