Elon Musk: Tesla needs to ‘pause hiring’, cut staff by 10%

Elon Musk, the billionaire founder of Tesla Inc., says the electric car manufacturing company needs to cut about 10 percent of jobs.

According to Reuters, he said this in an email sent to executives of the company on  Thursday, titled “pause all hiring worldwide”.

The disclosure came two days after he told his staff to spend a minimum of 40 hours at the office or quit.

In the email, the business mogul said he has a “super bad feeling” about the economy. 

However, the world’s richest man did not elaborate on the reasons for his worry about the economic outlook of the United States.

In recent weeks, Musk has warned about the risk of a recession.

Similarly, Jamie Dimon, CEO, JPMorgan Chase, had also warned of an economic “hurricane” asking US citizens to brace themselves.

On Friday, Tesla’s shares plunged nearly 3 percent in US pre-market trade and its Frankfurt-listed stock was down 3.6 percent after.