Tesla fell 2.4% before trading. Musk said in an internal letter that the company needs to cut about 10% of its employees and suspend global recruitment. "I have a very bad feeling about the economy," Musk said in the e-mail titled "suspension of global recruitment" Tesla did not immediately comment.
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Tesla's annual financial statements submitted to the U.S. Securities and Exchange Commission (SEC) in February this year show that by the end of 2021, the number of its global employees was 99290.
This means that a 10% layoff will affect nearly 10000 Tesla employees.
Earlier this week, when all Tesla employees returned to the office, he said in an e-mail to the employees that employees were "required to work in the office for at least 40 hours a week". "If you don't come, we will think you have resigned."
Musk also wrote: "the higher the position, the more obvious your existence is. That's why I often live in factories - so that those on the production line can see me working with them. If I didn't, Tesla would have gone bankrupt."
