At the end of last week, Elon Musk, the founder and chief executive officer of leading electric vehicle manufacturer Tesla Inc. (TLSA) send an internal memo expressing how he is feeling ‘super bad’ about the economy and the need to slash 10% of the company’s salaried employees so as to cope with the harsh economic times.
According to the memo, Musk asks the company’s executives to pause all hiring all across the world. This development comes only two days after Musk sent a stern warning to his employees telling them to forget about remote working or leave Tesla.
“Tesla will be reducing salaried headcount by 10%, as it has become overstaffed in many areas but hourly headcount will increase. Note, this does not apply to anyone actually building cars, battery packs or installing solar,” wrote Musk in the email.
According to the company’s filing with the Securities and Exchange Commission (SEC), at the end of 2021, Tesla had around 100,000 employees working for the company and its subsidiaries. The company didn’t break down the number of its hourly and salaried employees.