Musk announces hiring freeze for Tesla, may layoff 10 percent employees: Report

Tesla CEO Elon Musk created ripples across financial, automobile, and tech industries after he announced that the carmaker is instituting a freeze on hiring and is also looking to cut around 10 percent of its workforce across the globe. Explaining his rationale behind the decision, Musk said he has a “super bad feeling” about the economy.

An internal mail has been spotted by Reuters claiming that Tesla is not only trying to institute a freeze on hiring but also plans to cut down workforce by a whopping 10 percent. The mail spotted by Reuters is titled “Pause all hiring worldwide.”

Tesla’s stock took a beating after the report surfaced on Reuters. Tesla shares were down 3.4% in premarket trading after closing up 4.6% to $776 a share on Thursday.

The new report comes at a time when the US market is facing economic turmoil amidst raising inflation and unstable geopolitical situation.

The post Musk announces hiring freeze for Tesla, may layoff 10 percent employees: Report appeared first on BGR India.

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