The world’s wealthiest man appears to be concerned about the global economy.
Reuters reported late Thursday that officials at electric-car manufacturer Tesla TSLA, +4.68 percent received an email with the subject line “stop all recruiting worldwide.”
Elon Musk, the company’s CEO, said in an email that he had a “very awful feeling” about the economy and that the staff headcount needed to be trimmed by 10%. According to Tesla’s annual SEC filing, the company employed over 100,000 workers by the end of 2021. A request for comment from Tesla was not immediately returned.
Musk’s seeming economic doom follows Jamie Dimon, Chairman and Chief Executive of JPMorgan Chase JPM, +1.61 percent, who warned of an approaching economic cyclone fueled by rate rises, the Ukraine conflict, and inflation.
The story follows Musk’s apparent ultimatum that employees either return to work or leave the firm.
Tesla shares have fallen 26% so far in 2022, as the global market has been dragged down by a technology-driven downturn. Since late March, the EV maker has failed to reopen its Shanghai factory due to COVID lockdowns in the major Chinese metropolis, which Bloomberg estimates have cost the firm 40,000 units.
Musk’s personal fortune has plummeted by $42.9 billion this year, leaving him with $227 billion, according to Bloomberg’s Billionaire Index. While still the world’s richest man, his personal fortune has dropped by $42.9 billion this year, leaving him with $227 billion.
In premarket trade, Tesla shares were down 3.4 percent after ending up 4.6 percent to $776 a share on Thursday, despite a broad market rise.