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Elon Musk Has “Super Bad Feeling” About Economy, Wants To Cut 10% of Jobs At Tesla And Will “Pause All Hiring Worldwide

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Tesla CEO Elon Musk said he has a “super bad feeling” about President Joe Biden’s economy and will ‘pause all hiring worldwide’ in a leaked email obtained by Reuters. The email was titled “pause all hiring worldwide” and added that Musk wants to cut 10% of jobs at the electric carmaker.

According to its annual SEC filing, in 2021 Tesla had around 100,000 employees.

“Musk’s bad feeling is shared by many people,” said Carsten Brzeski, global head of macroeconomic research at Dutch bank ING. “But we are not talking about global recession. We expect a cooling of the global economy towards the end of the year.

“The U.S. will cool off, while China and Europe are not going to rebound.”

J.P. Morgan Chase CEO Jamie Dimon echoed Musk’s concern saying recently:

“I said there were storm clouds, big storm clouds. It’s a hurricane. Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. 

“That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.

“JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.

“We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years,” Dimon said about the coming quantitative tightening, or QT, that is scheduled to begin this month and result in $95 billion a month in reduced bond holdings.

“I think I was wrong then about the path that inflation would take,” US Treasury Secretary Janet Yellen said.

“As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time — didn’t fully understand, but we recognize that now.”

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