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Musk rectifies after threatening to fire 10% of the Tesla workforce | Economy

The billionaire businessman Elon Musk rectified this Friday by stating that Tesla will only lay off 10% of the office staff and not the entire company, as he had indicated on Thursday, causing a fall in the company’s stock market. Shares of the US electric car manufacturer closed in New York at $703.55, 9.22% below their value the day before.

Musk sent a message to company officials on Thursday, which was leaked to the press, in which he requested a 10% reduction in the workforce because he has a feeling that the US economy will go through difficult times. This Friday, in another email, this time sent to all Tesla employees, the businessman backed down and explained that the job cut will only affect certain departments. As revealed by the US network CNBC, Musk’s latest message indicates that Tesla will reduce 10% of its office staff because he considers that some areas have an excessive workforce. “This does not apply to anyone who is assembling cars, battery packs or installing solar panels,” Musk details, adding that the workforce in those areas will, on the contrary, increase.

Musk’s correction also comes after the president of the United States, Joe Biden, criticized the businessman for justifying his decision to lay off workers on a hunch about the hypothetical poor health of the economy. Biden declared this Friday that, while Tesla wants to cut jobs, competitors such as Ford or Stellantis have announced million-dollar investments in the United States to increase their production, which will result in the creation of thousands of jobs.

After highlighting the commitment to the employment of Tesla’s rivals, the Democratic president, who in the past has already faced the eccentric businessman, who in turn has aligned himself with positions defended by former president Donald Trump (2017-2021), I wish Musk “the best of luck with his trip to the Moon.” Musk responded to Biden on Twitter with “Thank you, Mr. President!” and a NASA statement in which he announces that SpaceX, another company of the businessman, has been chosen to transport American astronauts to the Moon.

In another tweet, Musk said that gerontocracy, referring to governments of the elderly, is a problem that could be solved by limiting the maximum age in the world of politics. A message that seemed directed at Biden, who is 79 years old.

Two days ago Musk – the richest man in the world, according to Forbes – told Tesla workers to forget about working remotely and that they have to choose between spending a minimum of 40 hours a week in the company’s offices or leave the automaker. “Anyone who wants to work remotely needs to be in the office for a minimum (and I want to emphasize minimum) 40 hours a week or leave Tesla,” Musk said. The businessman justified his decision because, he said, the creation and production of the most interesting products on the planet cannot be done through phone calls.

He knows in depth all the sides of the coin.

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