Why Does Elon Musk Have A ‘super Bad Feeling’ About Economy?

Tesla CEO Elon Musk has a “bad feeling” about the economy, so he wants to cut 10% of jobs at Tesla Inc. mine.

In an email Musk directed a “pause of all worldwide hiring” at Tesla because he had a “bad feeling” about the economy.

Tesla employed about 100,000 people by the end of 2021, according to annual SEC filings.

This week, Tesla CEO ask its employees to return to the workplace or leave the company, a demand that has been thwarted in Germany, where the company has a new factory.

“Everyone at Tesla is required to spend a minimum of 40 hours in the office each week,” Musk wrote in that email.

“If you don’t show up, we’ll consider your resignation.”

It should be noted that an increasing number of economists and experts are predicting that the United States is entering a recession. With record-high inflation, consumer spending and sales slowing, experts believe the US could be headed for a recession.

Musk’s unequivocal warning of a potential recession and direct impact on automakers is the most direct and high-profile forecast of its kind in the industry.

While recession fears grow, demand for Tesla cars and other electric vehicles remains strong and many traditional indicators of recession – including growing dealer inventories in the United States – did not materialize.

However, Tesla has struggled to restart production at its Shanghai factory after the Covid-19 shutdown caused a costly shutdown of the plant.

Elon Musk’s bleak outlook echoes recent comments from executives including JPMorgan Chase & Co CEO Jamie Dimon and Goldman Sachs President John Waldron.

Dimon said this week, “a storm is right in the middle of it coming our way.”

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