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Musk details Tesla staff cuts

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Elon Musk, CEO of Tesla, said a 10% cut in salaried staff at the electric car maker will happen over three months, as the world’s richest man predicted a U.S. recession was more likely than not

Elon Musk set out on Tuesday (June 21) how the job cuts he proposed at Tesla will happen.

The electric carmaker’s CEO said a 10% cut in salaried staff would happen over three months.

Earlier this month, Reuters reported Tesla needed to cut staff by about that amount, and had frozen hiring worldwide.

Musk said the layoffs would apply only to salaried workers. This means a total headcount would be down 3.5%.

Speaking at the Qatar Economic Forum, he also predicted a U.S. recession could be on its way.

”Well, I think a recession is inevitable at some point. As to whether there is a recession in the near term, I think that is more likely than not. Certainly isn’t a certainty, but it appears more likely than not.”

Earlier this month, Musk wrote that he had a “super bad feeling” about the economy.

His thoughts echo other business leaders including JPMorgan Chase CEO Jamie Dimon.

He said in early June that a ‘hurricane is right out there down the road coming our way’.

A potential U.S. recession has been a growing concern for chief executives, the Federal Reserve, and the Biden administration.

President Joe Biden said Monday (June 20) he felt a U.S. recession was not inevitable.

Although the country is tackling higher gas prices and inflation is at its highest in 40 years.

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The possibility of a U.S. recession

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There’s been a lot going on in markets…

It’s been a turbulent time in financial markets, to say the least.

From seeing a banking crisis sweep around the world, to a new global reserve currency start to emerge – there hasn’t been a quiet day on the market.

And there’s also a little bit of Marty McFly meets Bog Iger from Disney, as UBS appoint a former Credit Suisse CEO to help with the merger of the two banks.

AND, the possibility of a U.S. recession…

Chris Uhl from 10minutestocktrader.com joins us to discuss.

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Business

Disney trumps DeSantis with legal loophole

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Disney has outplayed Ron DeSantis by leaning on a decades-old royal clause

In February, Florida Governor Ron DeSantis moved to take over Disney World’s governing body.

It was all in retaliation to the company’s public stance against the state’s “Don’t Say Gay” bill.

But now, new reports suggest this whole plan may have backfired.

Members of the new governor-appointed board argue the previous members stripped the board of its power before they left.

It was all part of an agreement, which was approved a day before DeSantis assumed more control of the land around Disney’s theme park.

Disney is leaning on a property law which essentially makes the company the government of the area.

New board member Ron Peri says the board has lost the majority of its ability to do anything beyond maintain the roads and basic infrastructure.

For just under six decades, Disney has operated its expansive theme park and resort in Florida under a specially designated district.

A board oversaw the area and had free reign of development processes.

Disney also had the authority to appoint district board members.

But this special status came under threat when Disney clashed with DeSantis and his “Don’t Say Gay” law.

Florida lawmakers the passed a bill in February to end Disney’s self-governing status and give the governor the authority to appoint new board members to the district.

DeSantis appointed five supervisors, including a parents’ rights activist and three Republican donors.

But the new supervisors say previous board members entered an agreement before they left their positions – effectively stripping them of any powers. #trending #featured

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The Power of Play

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Let’s take a look at the history of video games and the exciting future of the gaming industry.

From classic arcade games to the latest consoles and online multiplayer experiences, gamers have been lining up for decades to get their hands on the hottest games.

But what goes on behind the scenes to create these immersive worlds? The Power of Play takes you behind the curtain to explore the hard work and dedication of game developers as they bring these virtual experiences to life.

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