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Musk details Tesla staff cuts

Published

3 years ago

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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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Secret IMF meeting sparks US-China truce

Covert IMF meeting sparks US-China trade breakthrough with 115-point tariff cut for 90 days, marking significant progress since the Trump trade war.

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22 hours ago

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May 14, 2025

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Covert IMF meeting sparks US-China trade breakthrough with 115-point tariff cut for 90 days, marking significant progress since the Trump trade war.


A covert meeting in the basement of the IMF has set off a diplomatic shockwave, leading to a major breakthrough in US-China trade talks.

Top officials from both nations have now agreed to slash tariffs by 115 points for 90 days—marking the first real progress since the Trump-era trade war began.

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Gen Z and millennials surpass boomers in voting power

Gen Z and Millennials outnumber Baby Boomers in Australian elections, signaling potential reforms in taxation and inheritance laws.

Published

2 days ago

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May 13, 2025

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Gen Z and Millennials outnumber Baby Boomers in Australian elections, signaling potential reforms in taxation and inheritance laws.


For the first time in history, Gen Z and Millennials now outnumber Baby Boomers at the ballot box in Australia, marking a seismic change in the country’s political landscape.

Experts say this electoral milestone could spark major reform debates on taxation, superannuation, and inheritance laws as younger voters prioritise different values.

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Stocks decline as tariffs and trade tensions escalate

Stocks drop as tariffs worry investors; gold hits record high; Canada resists U.S. annexation talk.

Published

1 week ago

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May 7, 2025

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Stocks drop as tariffs worry investors; gold hits record high; Canada resists U.S. annexation talk.

In Short:
Stock indexes declined on Tuesday after a nine-day winning streak, while gold prices soared amid economic concerns. Major companies like Ford and Mattel adjusted forecasts due to tariff impacts, and the trade deficit hit a record high of $140.5 billion.

Stock indexes fell on Tuesday, following declines in the Dow and S&P 500 after a nine-day winning streak.

Gold prices reached a new record as markets reacted to ongoing economic concerns.

The downturn persisted following a meeting between Canadian Prime Minister Mark Carney and President Trump, where Carney rejected any notion of Canada being for sale.

Investors showed continued apprehension about the impact of U.S. tariffs and the absence of new trade agreements, particularly as major companies like Ford and Mattel suspended annual guidance due to tariff uncertainties.

Ford impact

Ford, while less affected than competitors, estimated potential tariff impacts could reduce profits by $1.5 billion, prompting a 2.8% increase in its stock.

In contrast, Mattel’s stock rose by 2.6% after it signalled a potential increase in U.S. toy prices, anticipating a $270 million hit from tariffs, while also planning to move manufacturing from China.

Both WK Kellogg and Marriott International adjusted their financial forecasts downward due to tariff-related challenges and broader economic uncertainties.

Clorox shares fell sharply after the company updated its guidance to reflect tariff impacts.

Additionally, President Trump indicated he would announce the details regarding pharmaceutical tariffs within two weeks.

On a related note, new data revealed the trade deficit reached a record $140.5 billion in March, exceeding economists’ expectations and reflecting a surge in imports amid trade policy changes.

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