Tesla shares slide after Elon Musk sounds alarm over economy

Tesla shares slide after boss Elon Musk sounds the alarm over the economy and warns he must cut 10% of jobs

Tesla shares slid after the electric car maker’s boss Elon Musk sounded the alarm over the economy. 

He said he had a ‘super-bad feeling’ about global growth prospects, and warned he must cut 10 per cent of jobs. 

Shares in Tesla fell almost 10 per cent to around $700 after the world’s richest man told executives on Thursday about the measures in an email titled ‘pause all hiring worldwide’.

Concern: Elon Musk said he had a ‘super-bad feeling’ about global growth prospects

Prior to his warning, Tesla posted around 5,000 job adverts on LinkedIn for roles in Tokyo and Berlin. 

It and its subsidiaries employed almost 100,000 people at the end of 2021, regulatory filings showed. 

This week the Tesla boss, 50, called on his staff to return to the workplace or leave, saying: ‘If you don’t show up, we will assume you have resigned.’ 

Musk has previously hinted the US could find itself in a recession. 

Tesla has faced its own share of problems after production stalled last month at its factory in Shanghai amid a wave of Covid restrictions and a shortage of parts. 

The electric car maker was not helped by the fact that sales in China – the world’s largest car market – fell 98 per cent in April from March.

Read more at DailyMail.co.uk