Elon Musk suspends hiring at Tesla, wants to retrench staff

Tesla CEO Elon Musk has ordered a pause in hiring in all Tesla factories worldwide, as he also planned to cut about 10% of salaried staff.

A message sent to executives on Thursday laid out his concerns, his “super bad feeling” about the economy..

The dire outlook came two days after the billionaire told staff to return to the workplace or leave and adds to a growing chorus of warnings from business leaders about the risks of recession.

Tesla shares fell 9% in U.S. trade on Friday after the Reuters report.

The tech-heavy Nasdaq (.IXIC) was down about 2%.

In another email to employees on Friday, Musk said Tesla will be reducing salaried headcount by 10%, as it has become “overstaffed in many areas.”

But “hourly headcount will increase,” he said.

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