Musk plans for a hiring freeze and 10% job cuts at his electric vehicle and renewable energy venture, which led to a drop in the company's share price.
According to the report, Musk sent an e-mail to the company's executives saying he had a bad feeling about the economy and wanted to cut jobs.
According to the report, all employees of both companies are required to report to a main office for at least 40 hours a week.
As of the end of the year, the company and its subsidiaries employed over 100,000 people around the world.
There has been a broader selloff in tech that has led to a drop in the shares ofTesla.
Parts shortages and supply chain problems have been a problem for the company.
Due to the impact of stringent Covid lockdowns in Shanghai, where its factory is located, which have hampered its vehicle production, the company is attempting to recover.
The second-quarter delivery estimates for Musk's company were trimmed on Friday. The closest approximation to sales is deliveries.
The loss of about 50,000 to 60,000 vehicles in China is the most profitable facility, so we see the loss of profitability which will be exacerbated by ramp up challenges in Berlin and Austin for the Model Y. The new factory was opened in May.
The company was aiming for a 50% vehicle sales increase in 2022. We expect to see challenges in achieving the goal of 50% delivery growth. We now have 1.28 million vehicles for the year, compared to 1.35 million before.
Musk is in the midst of a deal to acquire the social networking site for about $44 billion. Some of Musk's capital resources are affected by the share price decline.
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