Elon Musk to cut 10% of Tesla Jobs

Tesla CEO Elon Musk has "very bad feelings" about the economy, and in an email to executives that the company would have to cut about 10% of the workforce of the electric carmaker. 

A message titled "pause all hiring worldwide" arrived two days after the CEO told employees to return to work or quit, about the risk of a recession. The chorus of warnings from business leaders is increasing. According to the company's SEC filing, it hired around 100,000 people were employed at Tesla and its subsidiaries at the end of 2021.

Tesla shares fell nearly 3% in US premarket trading on Friday, while stocks listed on the Frankfurt Stock Exchange fell 3.6%, according to a report. US Nasdaq futures turned negative and were trading 0.6% lower.

Musk has warned of the risks of a recession in recent weeks, but his email ordering job freezes and headcount reductions were the most direct and attention-grabbing messages of this kind from the automaker's owner. 

So far, demand for Tesla and other electric vehicles (EVs) remains strong, and many traditional indicators of recession, such as increased dealer inventory and stimulus in the United States, have not been materialized.