The global economy and steadily rising inflation are proving to be harmful to everyone, including the CEO of Tesla, Elon Musk. In fact, this CEO was almost certain the economy would crumble soon and made the decision to cut about 10% of his workforce in Tesla. As of Wednesday, reports of ex-Tesla employees are flooding in from LinkedIn posts describing how and why they were laid off.
Many of the employees that have been at the company for over six years did not expect it. If it is not bad enough that Tesla has cut down on its employees, they have also canceled massive hiring events that were planned in China. Three hiring events have been canceled with no news on if there will be rescheduling.
Other larger companies are making similar moves by cutting down employee costs or slowing/freezing the hiring process. In a time when many companies are understaffed and wait times have increased, this is confusing. Elon Musk strongly believes that we are heading to a recession within the next year, prompting many changes in the company and the work week. The CEO did comment that the total headcount would increase, but no change has been noted.
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