In an email to Tesla executives recently, founder Elon Musk has expressed a “super bad feeling” about the economy and his intentions to cut around 10% of the company’s workforce.
According to Reuters, Musk sent this email, titled “pause all hiring worldwide” on Thursday
Musk isn’t the only business leader who is concerned about the economy. JPMorgan Chase CEO Jamie Dimon recently told his investors that his company will be “very conservative with its balance sheet as a result of Federal Reserve’s plan to raise interest” and because of the uncertainty of the war in Ukraine. Dimon has also warned people of an “economic hurricane”
“You know, I said there’s storm clouds, but I’m going to change it … it’s a hurricane,” Dimon said at a Wednesday conference. The economic maelstrom could be “a minor one or Superstorm Sandy,” he added.
This comes after the U.S. under the leadership of Joe Biden saw a historic GDP decline at an annual rate of 1.4% in the first quarter of 2022 alone. Along with inflation reaching levels not seen in 40 years.
When asked about this, Joe Biden had some harsh words about Musk.
“You know, lots of luck on his trip to the moon,” Biden made a mumbling remark about Musk.
Biden later claimed that Ford is getting into electric vehicle production and adding around 6,000 new union jobs in the Midwest.
Elon Musk responded to Biden’s rude response by sharing a link of a NASA press release that contradicts Biden’s attempt to mock the world’s richest man:
Thanks Mr President!https://t.co/dCcTQLsJTp
— Elon Musk (@elonmusk) June 3, 2022
Musk has been a prominent critic of Biden. Earlier this year, Musk wrote on Twitter that Biden is “treating the American public like fools.” While Biden at the same time has focused on and praised other companies who have recently started manufacturing electric vehicles. Tesla is the world’s largest manufacturer of electric cars and is in the business for longer than anyone else.
When asked about his plan to deal with inflation, earlier this week, Biden responded with: “My plan to address inflation starts with simple proposition: Respect the Fed. Respect the Fed’s independence. […] I know well use those tools and monetary policy to address the rising prices for the American people.”
What do you make of Elon Musk’s concern about the economy, and Joe Biden’s response to Musk? Share your thoughts in our Facebook comments!
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