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Tesla (TSLA) stock dips on Elon Musk email to cut 10% of workforce

Elon Musk reportedly suggested cutting 10 percent of the Tesla salaried workforce in an email in which he expressed a 'super bad feeling' about the economy.

TJ Denzer

June 3, 2022 10:45 AM

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A short time after an email in which he cracked down on remote workers, it looks like Elon Musk wants to downsize Tesla’s workforce as a whole. The CEO reportedly sent out an email recently in which he expressed a “super bad feeling” about the economy. In this same email, Musk apparently suggested that Tesla could be cutting as much as 10 percent of its salaried employees.

The supposed email in which Tesla CEO Elon Musk suggested these cuts was recently reported by Reuters. In said email, which was apparently circulated to Tesla executives, Musk expressed that he felt Tesla was “overstaffed in many areas." Musk goes on to share that he has a “very bad feeling” about the economy and ordered a hiring freeze for the time being.

“Note, this does not apply to anyone actually building cars, battery packs or installing solar,” Musk allegedly added.

Tesla (TSLA) stock dipped substantially on word of upcoming layoffs that could be coming to its salaried workforce.

Tesla hired around 100,000 employees throughout 2021, according to a fiscal year-end SEC filing. The company has continued to excel in the electric vehicle manufacturing space and demand for its products continue to remain high to the point where Tesla has actually halted orders for vehicles like the Cybertruck outside of North America. Even so, Musk has also expressed concern over the Tesla workforce more than once this week alone. Previously, the CEO sent out an email that cracked down on remote workers. Musk confirmed the email on Twitter, suggesting remote workers should “pretend to work somewhere else.”

It would appear that Tesla’s overall workforce is set to go through some jostling changes in the very near future. As we continue to follow this story, stay tuned for more Tesla and electric vehicle updates here at Shacknews.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.