Elon Musk feels ‘super bad’ about the economy and wants to cut down on Tesla jobs

After Covid-19 lockdowns, Tesla’s Shanghai factory suffered a slow but steady decline in production. This was despite the fact that it had to shut down production.

Musk’s pessimistic outlook echos comments made by executives like Jamie Dimon, CEO of JPMorgan Chase ( JPM), and John Waldron, President of Goldman Sachs ( GSH).

Dimon stated this week that a “hurricane” is coming our way.

The inflation rate in the United States has reached 40-year highs. This has led to an increase in the cost of living in America. However, the Federal Reserve must manage the difficult task of reducing demand enough to reduce inflation without causing a recession.

“Pause all hiring”

Musk’s email warning that “pause all hiring worldwide” was sent to him, stated that Tesla had approximately 5,000 job openings on LinkedIn. These ranged from sales in Tokyo to engineers at its Berlin gigafactory and deep learning scientists in Palo Alto.

Musk’s request that employees return to the office has been met with resistance in Germany.

Musk sent an email on Tuesday stating that Tesla employees must spend at least 40 hours a week in the office. We will assume that you have resigned if you fail to show up.

Musk engaged in a Twitter spat on Thursday with Scott Farquhar (Australia tech billionaire, Atlassian ( TEAM), co-founder), who mocked the directive in a series tweets calling it “like something from the 1950s”.

Musk responded to Farquhar’s tweet that encouraged employees to consider remote jobs at Tesla, and tweeted “recessions serve an essential economic cleansing function”.