Elon Musk, CEO of Tesla, said a 10 per cent cut in salaried staff at the electric car maker will happen over three months, as the world’s richest man predicted a US recession was more likely than not.
His remarks were his most detailed explanation of job cut plans and his first in-person appearance since Reuters reported at the start of this month that the company needed to cut staff by about 10 per cent and was pausing hiring worldwide.
Speaking at the Qatar Economic Forum organised by Bloomberg, Mr Musk said the cuts would apply only to salaried workers, meaning a 3.5 per cent reduction in total headcount, changes he described as “not super material”.
But he expressed concern about the prospect of a US recession.
“It’s not a certainty, but it appears more likely than not,” he said.