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Musk takes down job-cut suggestions amidst recession concerns

Musk takes down job-cut suggestions amidst recession concerns

Tesla CEO Elon musk retracts the statement of a ten per cent employee cut, saying that the company is all set to welcome new headcounts. Musk's decision had earlier signalled the onset of a recession.

An unverified Twitter account user tweeted on the employee rise at Tesla, to which Elon Musk replied, agreeing to the post. "Total headcount will increase, but salaried should be fairly flat", Elon Musk tweeted on Sunday.

Musk has been facing "crypto winter", where Dogecoin, the cryptocurrency, has been facing a 60 per cent fall in the value.

Despite the economic concerns that the pandemic raised, demand for vehicles did not trip down. Most of the factories had stopped manufacturing automobiles during the pandemic.

"Consumer demand is sky-high right now. Manufacturers do not have the inventory," said Allyson Witherspoon, US Marketing Chief of Nissan motors.

Tesla has over one million employees worldwide. Musk's decision will hire more employees, but he also adds that no salaried people may not change.

Tesla has made it compulsory for the employees to follow company policies. "Anyone who wishes to do remote work must be in the office for a minimum (and I mean minimum) of 40 hours per week or depart Tesla. This is less than what we ask of factory workers," said Musk, as reported by Electrek.

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TAGS:TeslaBusinessElon Musk
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