On Saturday, Elon Musk shared on Twitter that the overall headcount at Tesla will increase in the next twelve months, however, the salaried headcount will be fairly flat.
He replied to a Twitter user’s comment that Tesla’s headcount will increase over the next year, “Total headcount will increase, but salaried should be fairly flat”.
Total headcount will increase, but salaried should be fairly flat— Elon Musk (@elonmusk) June 4, 2022
This appears to contradict the news that may have sent the stock down, over 9% on Friday. In an email sent out to Tesla executives on Thursday of last week, Musk said he had a “super bad feeling” about the U.S. economy and called for cutting 10% jobs. The email was titled “pause all hiring worldwide”.
On Friday, Musk sent out another email more on par with the above tweet. In the email, Musk stated that the salaried headcount would be reduced by 10% saying, that it has become “overstaffed in many areas.” In the same email, he stated that “hourly headcount will increase”.
The email sent out on Friday sounds to be in line with an email he sent out Wednesday, telling staff they need to show up to work for a minimum of 40 hours a week. In that email, he said that failure to do so would be taken as resignation.
On Monday, we will see if this news changes the direction of the stock which has been up and down with all the different messaging coming from Musk.
Musk isn’t the only wealthy person speaking out about the economy. Jamie Dimon, the CEO of JPMorgan, said earlier this week warned of an “economic hurricane”. Inflation is still very high, gas prices seem to be ever-increasing and new home sales have slowed, no one is certain of what will come next.
The Fed is working on an engineered soft landing for the economy, while they raise rates to try to slow inflation, but that isn’t guaranteed. We are all along for this roller coaster and will have to embrace it to see what happens next.
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