Musk says Diego instead of I say to save the stock market bleeding

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Musk says Diego instead of I say to save the stock market bleeding
musk says diego instead of i say to save the

Musk says Diego instead of I say to save the stock market bleeding

Entrepreneur Elon Musk is backing down on his plans to completely cut the workforce. He corrects himself by stating that Tesla will only lay off 10% of the office staff and not the entire company, as he had announced on Thursday, causing its stock value to fall. Shares of the US automaker closed in New York at $703.55, 9.22% lower than they were on Thursday.

Musk sent a message to managers on Thursday that was leaked to the press, announcing a 10% reduction in the workforce because he had a feeling the economy was going to go through tough times. This morning, in another email, this time sent to all Tesla employees, the businessman backed down and explained that the job cut would only affect certain departments.

According to Bloomberg, Musk’s latest message notes that Tesla will cut 10% of its office staff because it believes some areas are overstaffed. “This does not apply to anyone who is assembling cars, battery packs or installing solar panels,” Musk details, adding that the workforce in those areas will, in fact, increase.

Tesla said in its annual report that about 39% of the roughly 100,000 workers were “production line employees.”

Musk’s correction also comes after the president of the United States, Joe Biden, criticized the businessman for justifying his decision to lay off workers on a hunch about the hypothetical poor health of the economy. Biden declared this Friday that, while Tesla wants to cut jobs, competitors such as Ford or Stellantis have announced billions of dollars of investments in the United States to increase their production and that they will create thousands of jobs.

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Tesla said in its annual report that about 39% of the roughly 100,000 workers were “production line employees.”