Musk titled the email "pause all hiring worldwide"

 

Elon Musk told Tesla executives to pause all hiring worldwide because he had a "super bad feeling" about the economy and needed to cut 10% of the company's workforce, Reuters reported.

 

Tesla's annual SEC filing indicated that the company employed almost 100,000 people at the end of last year, which means thousands of jobs could be axed.

 

Musk's comments came two days after he sent a memo to all Tesla employees to return to the office or resign.

 

(more)

 

https://www.businessinsider.com/elon-musk-10-percent-cut-tesla-jobs-bad-feeling-economy-2022-6

 

 

 

19 minutes ago, onthedarkside said:

Elon Musk told Tesla executives to pause all hiring worldwide because he had a "super bad feeling" about the economy

Clearly he has some super spidey senses that enable him to see things no one else can- apart from just about every financial commentator world wide that is. 

6 hours ago, Bluespunk said:

Clearly he has some super spidey senses that enable him to see things no one else can- apart from just about every financial commentator world wide that is. 

SP500 briefly entered bear market territory -20% but has had an astonishing recovery, currently sitting at -14%.

 

Bull market begins as soon as the Putin wars ends, oil prices drop, inflation worries subside when the world wide supply chain (that was shuttered during the pandemic) catches up with demand. 
 

 

6 hours ago, Bluespunk said:

Clearly he has some super spidey senses that enable him to see things no one else can- apart from just about every financial commentator world wide that is. 

Commentator vs experienced billionaire businessman ... hmm

 

Rising inflation, people struggling worldwide, edge of recession, and Tesla sells a high end, expensive to most, vehicle.   Along with a huge developing competitive market.

 

Yea, I'd have to agree, and not expect huge sales in the next couple years.  

I've cashed up everything except a few commercial property investments yielding 8%, despite the fact that my cash is technically depreciating in value.

 

When the proverbial hits the fan in the next 6 months, I'll be joining the feeding frenzy. 

1 hour ago, LarrySR said:

SP500 briefly entered bear market territory -20% but has had an astonishing recovery, currently sitting at -14%.

 

Bull market begins as soon as the Putin wars ends, oil prices drop, inflation worries subside when the world wide supply chain (that was shuttered during the pandemic) catches up with demand. 
 

 

Hope you are correct. 

Edited June 4, 20224 yr by Bluespunk

2 hours ago, KhunLA said:

Commentator vs experienced billionaire businessman ... hmm

Commentators who spoke out long before businessman…hmm. 

Edited June 4, 20224 yr by Bluespunk

1 hour ago, KhunLA said:

Commentator vs experienced billionaire businessman ... hmm

 

Rising inflation, people struggling worldwide, edge of recession, and Tesla sells a high end, expensive to most, vehicle.   Along with a huge developing competitive market.

 

Yea, I'd have to agree, and not expect huge sales in the next couple years.  

Agreed. Today's Tesla will be tomorrow's De Lorean.

10 minutes ago, ozimoron said:

Agreed. Today's Tesla will be tomorrow's De Lorean.

You could well be right there, now back to the future.

Edited June 4, 20224 yr by Excel

13 minutes ago, ozimoron said:

Agreed. Today's Tesla will be tomorrow's De Lorean.

Don't know about that, as they have a T2 coming out, and supposed to target the 'thrifty' consumer.

 

Tesla being the standard most comparison are made, is a bit telling.  They'll be around long after we're all gone.

 

DeLorean barely got off the ground, and died a quick death. ...  Tesla pumps out 7000 Tesla 3 units a week.   Poor comparison.

 

DeLorean - "The company had estimated its break-even point to be between 10,000 and 12,000 units, but sales were only around 6,000" - Wiki

https://en.wikipedia.org/wiki/DeLorean_Motor_Company

Edited June 4, 20224 yr by KhunLA

From what I heard MR. Musk only wants his top employees to go back to work as many are still working from home due to the covid scare. He wants them to return to work and work least 40 hr a week at the office. If not you get the DCM.

your lucky he doesn't take it all offshore

5 hours ago, ozimoron said:

Agreed. Today's Tesla will be tomorrow's De Lorean.

at the cost of replacing the batteries after 5 years there will be a graveyard for them

 

Quite okay I did not order a Tesla, since it was almost 9 months waiting time. 

An off topic trolling post and reply have been removed.

 

11 hours ago, LarrySR said:

SP500 briefly entered bear market territory -20% but has had an astonishing recovery, currently sitting at -14%.

 

Bull market begins as soon as the Putin wars ends, oil prices drop, inflation worries subside when the world wide supply chain (that was shuttered during the pandemic) catches up with demand. 

Putin is an excuse, pointless COVID measures have destroyed the world economy.

Musk is right TEOTWAWKI is coming.

Technical development has quite a long way to go for electrically driven vehicles to become as 'convenient' as the the current combustion engine. I think that at present something like at least 30% of the cost of an EV is due to the batteries. Apparently the Li-ion battery has the best power/mass ratio but have a size problem so the solid state Lithium might be the better in the future. At present the SSL is/would be much more expensive. However, one way or another, an alternative to the current combustion engines must be sought (no matter what one's politics are)...but then we'll have used up one resource only to start depleting another. Now if someone could only come up with an electro-gravimetric...Hmm ????

4 hours ago, wombat said:

at the cost of replacing the batteries after 5 years there will be a graveyard for them

 

The warranty on the battery is 8 years. 

Sure he really can’t afford to have too many workers. I’m sure he must be hurting ????????

So when a rich guy worries about the economy, is it time to be worried?