{"id":1502387,"date":"2022-06-03T11:19:06","date_gmt":"2022-06-03T15:19:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1502387"},"modified":"2022-06-03T11:57:53","modified_gmt":"2022-06-03T15:57:53","slug":"elon-musk-has-a-super-bad-feeling-about-the-economy-wants-a-massive-layoff-at-tesla","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musk-has-a-super-bad-feeling-about-the-economy-wants-a-massive-layoff-at-tesla\/","title":{"rendered":"Elon Musk Has A \u2018Super Bad Feeling\u2019 About The Economy, Wants A Massive Layoff At Tesla"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felon-musk-has-a-super-bad-feeling-about-the-economy-wants-a-massive-layoff-at-tesla%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1502387&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Tesla CEO Elon Musk wants to slash 10% of jobs at the company due to his \u201csuper bad feeling\u201d about the economy, according to a Friday report from <a href=\"https:\/\/www.reuters.com\/technology\/exclusive-musk-says-tesla-needs-cut-staff-by-10-pauses-all-hiring-2022-06-03\/\">Reuters<\/a>.<\/p>\n<p>The United States economy shrank at a 1.5% annualized rate in the first quarter of 2022, according to the <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2022-05\/gdp1q22_2nd.pdf\">Bureau of Economic Analysis<\/a>, which associates recessions with <a href=\"https:\/\/www.bea.gov\/help\/glossary?title_1=All&#038;title=&#038;page=6#:~:text=The%20NBER%20recession%20is%20a,well%20as%20quarterly%20GDP%20growth.\">two consecutive quarters<\/a> of negative growth.<\/p>\n<p>In a Thursday email to executives seen by Reuters, Musk instructed Tesla to \u201cpause all hiring worldwide\u201d and said that the company needs to cut 10% of jobs. Tesla currently has more than 99,000 employees, <a href=\"https:\/\/www.nytimes.com\/2022\/06\/01\/technology\/elon-musk-tesla-spacex-office.html\">The New York Times<\/a> reported.<\/p>\n<p>Before the most recent news on economic activity, the U.S. had been <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-fourth-quarter-and-year-2021-advance-estimate\">recovering<\/a> from COVID-19 and the lockdown-induced recession \u2014 growing at a strong 5.7% in 2021 after contracting 3.4% in 2020. The economy, however, has also been troubled by numerous phenomena \u2014 including <a href=\"https:\/\/www.dailywire.com\/news\/consumers-disliked-2021s-economy-more-than-2020s\">persistent inflation<\/a>, <a href=\"https:\/\/www.dailywire.com\/news\/biden-slammed-for-remarks-on-enormously-high-gas-prices-theyre-saying-the-quiet-part-out-loud-now\">high gas prices<\/a>, and the <a href=\"https:\/\/www.dailywire.com\/news\/economist-warns-that-world-is-in-early-stages-of-very-significant-recession\">Russian invasion of Ukraine<\/a>.<\/p>\n<p>The message comes two days after Musk <a href=\"https:\/\/www.dailywire.com\/news\/musk-remote-work-is-no-longer-acceptable-at-tesla\">said in another email<\/a> that \u201cremote work is no longer\u201d acceptable at Tesla.<\/p>\n<p>\u201cIf there are particularly exceptional contributors for whom this is impossible, I will review and approve those exceptions directly,\u201d he noted, adding that the workplace \u201cmust be a main Tesla office, not a remote branch office unrelated to the job duties, for example being responsible for Fremont factory human relations, but having your office in another state.\u201d<\/p>\n<p>Replying to a Twitter commenter asking for a response to people who believe \u201ccoming into work is an antiquated concept,\u201d Musk said: \u201cThey should pretend to work somewhere else.\u201d<\/p>\n<p>Musk is not the only business leader worried about economic calamity. JPMorgan Chase CEO Jamie Dimon said on Wednesday that his company is <a href=\"https:\/\/www.dailywire.com\/news\/top-banker-brace-yourself-for-looming-economic-hurricane?%3Futm_source=twitter\">bracing itself<\/a> for a looming economic \u201churricane.\u201d<\/p>\n<p>\u201cRight now, it\u2019s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,\u201d Dimon said. \u201cThat hurricane is right out there, down the road, coming our way.\u201d He added that no one knows if the hurricane is \u201ca minor one or Superstorm Sandy\u201d and said the investment bank would be \u201cvery conservative\u201d with its balance sheet.<\/p>\n<p>Many executives believe that inflation poses a salient risk to economic futures. Bridgewater Associates co-CIO Bob Prince, for example, said the economy is \u201con the cusp of\u201d <a href=\"https:\/\/www.dailywire.com\/news\/economy-on-the-cusp-of-stagflation-seen-in-under-jimmy-carter-warns-asset-management-exec\">stagflation<\/a> during an interview last week at the World Economic Forum.<\/p>\n<p>\u201cThe markets are under-discounting the inflation picture,\u201d Prince explained. \u201cThe sustainability, the self-reinforcing of the inflation is not discounted. The degree of tightening over time is not discounted.\u201d<\/p>\n<p>Also last week, Pershing Square Capital Management CEO Bill Ackman argued that there are two ways the U.S. can <a href=\"https:\/\/www.dailywire.com\/news\/top-hedge-fund-manager-sees-two-ways-out-of-soaring-inflation-and-neither-one-is-pretty\">escape soaring inflation<\/a> \u2014 the Federal Reserve taking a hardline stance on price levels or an economic collapse.<\/p>\n<p>\u201cThe only way to stop today\u2019s raging inflation is with aggressive monetary tightening or with a collapse in the economy,\u201d Ackman said. \u201cThere is no prospect for a material reduction in inflation unless the Fed aggressively raises rates, or the stock market crashes, catalyzing an economic collapse and demand destruction.\u201d<\/p>\n<p>Consumer confidence \u2014 a fundamental statistic for the direction of the United States economy \u2014 has been <a href=\"https:\/\/fred.stlouisfed.org\/series\/UMCSENT\">trending downward<\/a> since the summer of 2021, according to the University of Michigan\u2019s Survey of Consumers. Polls indicate that inflation and gas prices are giving consumers pause as they plan for summer spending. When Echelon Insights, for example, asked consumers whether the higher prices have induced a <a href=\"https:\/\/www.dailywire.com\/news\/summer-canceled-inflation-kills-vacations-summer-camp-for-kids-poll-finds\">change of plans or cancellation<\/a> of family trips, 51% answered positively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla CEO Elon Musk wants to slash 10% of jobs at the company due to his \u201csuper bad feeling\u201d about the economy, according to a Friday report from Reuters. The United States economy shrank at a 1.5% annualized rate in the first quarter of 2022, according to the Bureau of Economic Analysis, which associates recessions &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1481777,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1502387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1502387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1502387"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1502387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1481777"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1502387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1502387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1502387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}