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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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Elon Musk’s secretly welcomed twins last year

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Elon Musk secretly welcomed twins just weeks before his second child with Grimes was born last year

The world’s wealthiest man, Elon Musk is believe to have fathered 10 children after a top executive from one of his companies gave birth to twins last year.

The mother of the children is Shivon Zilis, a senior member of Musks’ artificial intelligence company, Neuralink.

Zilis is considered a rising star in the world of AI, after being listed on Forbes’ 30 Under 30 in 2015, and LinkedIn’s 35 under 35.

According to her LinkedIn, she is currently the Director of Operations and Special Projects at Musk’s neurotechnology firm, Neuralink.

Court documents show the pair filed a petition to change their twins’ last names to Musk, and contain their mothers last name as part of their middle name.

The petition was filed in Austin, Texas which is also the birthplace of Zilis and Musk’s children where they were reportedly born in November 2021.

The two children will add to the six children Musk has with ex-wife, Justine Musk, and two children with Canadian singer Grimes.

The twins will also join Justine and Musk’s 18-year-old daughter, Vivian Jenna Wilson who has recently strived to cut ties with her father.

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Britain’s watchdog investigating unfair conduct at Amazon

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Amazon is being placed under the spotlight in Britain, with the nation’s antitrust watchdog investigating whether the company has engaged in unfair conduct

Britain’s CMA is wanting to establish whether Amazon’s own sellers have an advantage in its marketplace over third parties.

The body is concerned the company’s practices are lessening competition and consumers are getting a worse deal as a result.

The CMA says it is looking into Amazon’s third-party data to see if it’s being used to boost its own retail business, and favour sellers who use the company’s logistics and delivery services.

The investigation follows a similar matter which is ongoing in Europe.

Amazon says it will continue to work closely with the CMA during the investigation.

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Taco Bell owners close to selling KFC in Russia

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KFC is known for finger lickin’ chicken, but the secret herbs and spices will soon be swept away from Russians

The company behind Russia’s KFC business is close to selling

This is all part of its plan to exit the country’s market.

Yum Brans plans to fully exit Russia once the KFC transaction is complete.

Since March, Yum has been redirecting any profits from its Russian operations to humanitarian efforts.

The restaurant company added it is stopping all investment, restaurant development and operations in the country.

It sold its Russian Pizza Hut franchises, which re-branded in may.

The Taco Bell owner is the latest Western restaurant operator to wind down its Russian operations, closing the doors of about one thousand KFC locations

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