Tesla Shares Slipped over 5% in Morning Trading

Tiger Newspress2022-06-03

Tesla shares slipped over 5% in morning trading.An email with "pause all hiring worldwide" in the headline was reportedly sent to executives at electric-car giant Tesla $(TSLA)$, Reuters reported late Thursday.

In the email, Chief Executive Elon Musk said he had a "super bad feeling" about the economy, and that employee headcount needed to be cut by 10%. Tesla employed around 100,000 people at the end of 2021, according to its annual SEC filing. Tesla did not immediately respond to a request for comment.

Musk's apparent economic gloom comes on the heels of attention-grabbing comments by JPMorgan Chase $(JPM)$ Chairman and Chief Executive Jamie Dimon, who warned of a looming economic hurricane, from rate hikes, the war in Ukraine and inflation.

The report comes on the heels of an apparent demand by Musk for workers to return to the office or leave the company.

Tesla shares have dropped 26% so far in 2022, amid a technology-led rout for the U.S. stock market. The EV maker has struggled to get its Shanghai factories back online amid COVID lockdowns since late March in the major Chinese city that Bloomberg reports have cost the company 40,000 lost units.

And while still the world's richest man, Musk's personal fortune has dropped by $42.9 billion this year, leaving him with $227 billion, according to Bloomberg's Billionaire Index.

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Comments

Fayedea
2022-06-06
Fayedea
Great
Jess261
2022-06-06
Jess261
Okay
74rk
2022-06-05
74rk
Yes
Annalz
2022-06-04
Annalz
Tesla will fly
winwin123
2022-06-04
winwin123
Just one man's super bad feeling, then a retrenchment decision is made, affecting the career and family of so many people. Sounds heartless. He does not even bother to explain more using numbers, upcoming factors, forecast etc.
VivianChua
2022-06-04
VivianChua
Will be better 💚