anticipating us downturn, elon musk details tesla staff cuts

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 Reuters reported at the start of this month that the company needed to cut staff by about 10% and was pausing hiring worldwide.

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”.

But he expressed concern about the prospect of a U.S. recession.

“It’s not a certainty, but it appears more likely than not,” he said.

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 early this month.

Whether the United States will go into recession has been a growing concern for chief executives, the Federal Reserve, and the Biden administration.

U.S. President Joe Biden 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.

Former U.S. Treasury Secretary Lawrence Summers told NBC News on Sunday he expected a recession.

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”.

He said on Tuesday Tesla expected to increase the number of workers paid by the hour as opposed to on fixed salaries.

He also said he was sticking with digital currency and intended to personally support dogecoin.

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.

‘Very significant matter’ unresolved in Twitter deal

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.

Musk said there were unresolved issues, including the debt portion of the deal and the number of spam users.

“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.

“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?”

Musk said he would like to get 80% of North America and half the world on Twitter.

“My aspiration for Twitter is to be as inclusive as possible,” he said.

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

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

(Additional reporting by Nadine Awadalla in Dubai and Hyunjoo Jin in San Francisco; Writing by Saeed Azhar; editing by Jason Neely and Barbara Lewis)

Keyword: Anticipating US downturn, Elon Musk details Tesla staff cuts

CAR'S NEWS RELATED

Tesla Cybertruck ‘Basecamp’ tent, solar, and beast mode, leak through app

Tesla Cybertruck options and accessories have leaked through a mobile app update revealing a ‘Basecamp’ tent, solar option, and new “Beast mode”. We are just a day away from getting all the details about the Cybertruck direct from Tesla, but a leak is now giving us some details ahead ...

View more: Tesla Cybertruck ‘Basecamp’ tent, solar, and beast mode, leak through app

Taiwanese Tesla supplier Hota retools supply chain with first US factory

Companies Hota Industrial Mfg. Co Ltd Ford Motor Co General Motors Co TAICHUNG, Taiwan, Nov 29 (Reuters) – For years, Hota Industrial Mfg. Co has made gears, shafts and other auto parts in Taiwan and shipped them to large foreign carmakers such as Tesla (TSLA.O), Ford Motor (F.N) and ...

View more: Taiwanese Tesla supplier Hota retools supply chain with first US factory

Tesla Cybertruck’s ‘Beast Mode’, Trim Details Uncovered By Software Developer

A developer who deconstructed the Tesla app also revealed that the pickup will come in two trim levels.

View more: Tesla Cybertruck’s ‘Beast Mode’, Trim Details Uncovered By Software Developer

Mazda CEO Says Electric Vehicles (Other Than Teslas) are “Not Taking Off”

Mazda’s Chief Operating Officer, Masahiro Moro, has expressed some frustrations that the company’s battery-electric lineup is struggling to gain traction, stating that any EV, other than a Tesla, simply isn’t popular with buyers. In a surprisingly candid interview with Fortune, Moro said that “EV is an absolutely important technology, and ...

View more: Mazda CEO Says Electric Vehicles (Other Than Teslas) are “Not Taking Off”

Closer look at Tesla Cybertruck – should we be concerned?

We get a closer look at the Tesla Cybertruck with one of the units the automaker is now displaying in its showrooms. Should we be concerned about the build quality? Much has been said about the Cybertruck build quality even before the truck has made it to market. We ...

View more: Closer look at Tesla Cybertruck – should we be concerned?

Tired Of Waiting For Your Cybertruck? You Can Now Lease A Rivian R1T

Photo: Rivian Rivian finally started offering leases for its electric R1T pickup in 14 states on Monday, and these leases are eligible for the full $7500 federal EV lease credit – in contrast to the $3750 credit that Rivian buyers are eligible for. The lucky residents of Arizona, California, ...

View more: Tired Of Waiting For Your Cybertruck? You Can Now Lease A Rivian R1T

Even A Tesla Cybertruck Prototype Can't Mess With San Francisco Parking Enforcement

Screenshot: Tesla East Bay Fremont on Twitter There have been a lot of Tesla Cybertruck ‘release candidates’ on the back of tow trucks lately, but they’ve all been related to breakdowns. This time a Cybertruck driver parked in the wrong place and the city of San Francisco brought down ...

View more: Even A Tesla Cybertruck Prototype Can't Mess With San Francisco Parking Enforcement

Tesla Raises Insurance Rates For Drivers Who Use 'Track Mode' On The Track

Take "Track Mode" literally, and you get punished by Tesla's insurance algorithm.

View more: Tesla Raises Insurance Rates For Drivers Who Use 'Track Mode' On The Track

Tesla Confirms A New Model 3 Performance Is On The Way

Tesla increases Cybertruck pre-order deposit, but reverts right away

Slow Cybertruck Production Will Cost Tesla 'Blood, Sweat and Tears'

The Tesla Cybertruck Isn't Even On Sale Yet But Somehow One Got Impounded

Tesla sues Sweden’s transport agency, and gets a small win

Tesla on two wheels? India's Ola Electric feels the strains of success

I Saw The Tesla Cybertruck Up Close. My Jaw's Still On The Floor

Tesla beats US claim that it fired factory workers amid union campaign

Tesla spotted building a fleet of over 25 Cybertrucks ahead of the launch

Tesla Wins Suit Against Sweden Over Union Solidarity

Volkswagen is ‘no longer competitive,’ job cuts intensify to keep up with Tesla

Tesla Cybertruck Delivery Event Will Start Nov. 30 Around 2 P.M. EST

OTHER CAR NEWS

; Top List in the World https://www.pinterest.com/newstopcar/pins/
Top Best Sushi Restaurants in SeoulTop Best Caribbean HoneymoonsTop Most Beautiful Islands in PeruTop Best Outdoor Grill BrandsTop Best Global Seafood RestaurantsTop Foods to Boost Your Immune SystemTop Best Foods to Fight HemorrhoidsTop Foods That Pack More Potassium Than a BananaTop Best Healthy Foods to Gain Weight FastTop Best Cosmetic Brands in the U.STop Best Destinations for Food Lovers in EuropeTop Best Foods High in Vitamin ATop Best Foods to Lower Your Blood SugarTop Best Things to Do in LouisianaTop Best Cities to Visit in New YorkTop Best Makeup Addresses In PennsylvaniaTop Reasons to Visit NorwayTop Most Beautiful Islands In The WorldTop Best Law Universities in the WorldTop Richest Sportsmen In The WorldTop Biggest Aquariums In The WorldTop Best Peruvian Restaurants In MiamiTop Best Road Trips From MiamiTop Best Places to Visit in MarylandTop Best Places to Visit in North CarolinaTop Best Electric Cars For KidsTop Best Swedish Brands in The USTop Best Skincare Brands in AmericaTop Best American Lipstick BrandsTop Michelin-starred Restaurants in MiamiTop Best Secluded Getaways From MiamiTop Best Things To Do On A Rainy Day In MiamiTop Most Instagrammable Places In MiamiTop Interesting Facts about FlorenceTop Facts About The First Roman Emperor - AugustusTop Best Japanese FoodsTop Most Beautiful Historical Sites in IsraelTop Best Places To Visit In Holy SeeTop Best Hawaiian IslandsTop Reasons to Visit PortugalTop Best Hotels In L.A. With Free Wi-FiTop Best Scenic Drives in MiamiTop Best Vegan Restaurants in BerlinTop Most Interesting Attractions In WalesTop Health Benefits of a Vegan DietTop Best Thai Restaurant in Las VegasTop Most Beautiful Forests in SwitzerlandTop Best Global Universities in GermanyTop Most Beautiful Lakes in GuyanaTop Best Things To Do in IdahoTop Things to Know Before Traveling to North MacedoniaTop Best German Sunglasses BrandsTop Highest Mountains In FranceTop Biggest Hydroelectric Plants in AmericaTop Best Spa Hotels in NYCTop The World's Scariest BridgeTop Largest Hotels In AmericaTop Most Famous Festivals in JordanTop Best European Restaurants in MunichTop Best Japanese Hiking Boot BrandsTop Best Universities in PolandTop Best Tips for Surfing the Web Safely and AnonymouslyTop Most Valuable Football Clubs in EuropeTop Highest Mountains In ColombiaTop Real-Life Characters of Texas RisingTop Best Beaches in GuatelamaTop Things About DR Congo You Should KnowTop Best Korean Reality & Variety ShowsTop Best RockstarsTop Most Beautiful Waterfalls in GermanyTop Best Fountain Pen Ink BrandsTop Best European Restaurants in ChicagoTop Best Fighter Jets in the WorldTop Best Three-Wheel MotorcyclesTop Most Beautiful Lakes in ManitobaTop Best Dive Sites in VenezuelaTop Best Websites For Art StudentsTop Best Japanese Instant Noodle BrandsTop Best Comedy Manhwa (Webtoons)Top Best Japanese Sunglasses BrandsTop Most Expensive Air Jordan SneakersTop Health Benefits of CucumberTop Famous Universities in SwedenTop Most Popular Films Starring Jo Jung-sukTop Interesting Facts about CougarsTop Best Hospitals for Hip Replacement in the USATop Most Expensive DefendersTop Health Benefits of GooseberriesTop Health Benefits of ParsnipsTop Best Foods and Drinks in LondonTop Health Benefits of Rosehip TeaTop Best Air Fryers for Low-fat CookingTop Most Asked Teacher Interview Questions with AnswersTop Best Shopping Malls in ZurichTop The Most Beautiful Botanical Gardens In L.A.Top Best Mexican Restaurants in Miami for Carb-loading rightTop Best Energy Companies in GermanyTop Best Garage HeatersTop Largest Banks in IrelandTop Leading Provider - Audit and Assurance In The USTop Best Jewelry Brands in IndiaTop Prettiest Streets in the UKTop Best Lakes to Visit in TunisiaTop Highest Mountains in Israel