Summary:
- Musk plans to cut Tesla workforce by 10%
Tesla Stock fell on Friday
On Friday the Tesla share price fell in the wake of Musk announcing plans to cut the electric-vehicle giant's workforce by 10% amidst having a “super bad feeling” about the economy. Causing the stock price to drop by 7.8% on Friday.
Reports showed that Musk ordered a hiring freeze for Tesla across the globe, and believes it is necessary to reduce his workforce by 10%. Musk is not alone in his belief that a recession could become a reality, however, the influence Musk has is strong, and often recessions that are consumer-led can be self-fulfilled.
TSLA Stock Price
Sources: finance.yahoo.com, fool.com, investors.com