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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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment34

  • Fayedea
    ·2022-06-06
    Great
    Reply
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  • Jess261
    ·2022-06-06
    Okay
    Reply
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  • 74rk
    ·2022-06-05
    Yes
    Reply
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  • Annalz
    ·2022-06-04
    Tesla will fly
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  • winwin123
    ·2022-06-04
    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.
    Reply
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  • VivianChua
    ·2022-06-04
    Will be better 💚
    Reply
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  • VivianChua
    ·2022-06-04
    Believe can recover 🙏
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  • SCLIEW
    ·2022-06-04
    666
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  • 来人
    ·2022-06-04
    Ok
    Reply
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  • SSVC
    ·2022-06-04
    K
    Reply
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  • tigertail
    ·2022-06-04
    I have a "super bad feeling" about Elon Musk. 
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  • SPOT_ON
    ·2022-06-04
    Run..... a buy below $400
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  • Seah CL
    ·2022-06-04
    K
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  • BKT
    ·2022-06-03
    Good. Pls like thanks.
    Reply
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  • zion1
    ·2022-06-03
    Something is going to happen to America.
    Reply
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  • GggSlimeR
    ·2022-06-03
    Thanks & Do not like my comment 
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  • L.Lim
    ·2022-06-03
    Musk is a loose cannon. All the best to people who invest in Tesla... You're not just buying into a company, you get front row seats to a circus too...
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  • NPC69
    ·2022-06-03
    K
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  • stingray102
    ·2022-06-03
    Ok
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  • Alannjy
    ·2022-06-03
    Buy the dip
    Reply
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