The chief executive of Tesla Inc, Elon Musk had earlier said in a mail sent to his employees that the company will lay off 10% of its total workforce. Recently Musk released a statement clarifying about this decision. He said the that laying off process of the salaried employees of the firm will be done gradually in a period of 3 months. He said that this is step is taken as he anticipates that the economy of United States has more than 50% probability of downturn.
This was his first detailed statement regarding the lay off of the employees and pausing the appointment of new staff at Tesla Inc globally.
Elon Musk in Qatar Economic Forum address said that this lay off will applicable only on the employees who get a pay off for their work that means there will 3.5% cut in the number of persons of a team. He also mentioned about the downturn of United States economy which according to him has more than 50% probability to occur.
The speculations about the downturn of U.S. economy has been worrying the CEOs, Federal Reserve, and the Governing body as well.
Joe Biden, the president of United States restated on June 20 that according to him the downturn of the economy in U.S. in unavoidable, just as the largest market of the globe is struggling to deal with the rising prices of gasoline. At present, the costs of gasoline is the highest in the country if we look back in the past 40 years.
Clarifying about the lay off decision Musk also that the company might increase the labor who will be payed for their service by the hour instead of those who are given a fixed pay off. Adding to this the chief said that he will be using digital currency for the pay offs and himself will promote Dogecoin.
Musk also spoke about his Twitter bid in his address. He said that there were some unsolved problems that includes the number of Twitter span accounts and the debt portion of the contract. Restating about his queries related to Twitter’s claim that the social media platform has only less than 5% of spam accounts he said that he still waiting to get a resolution on these concerns as they are very important to tackle.
The CEO of Tesla said that he is interested is taking over about 80% of Twitter in North America and 50% of the company around the globe. Adding further he said that he aims the social media platform to be as comprehensive as possible.