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President Joe Biden appeared to dismiss Musk’s concerns about the economy and Musk hit him back immediately.
“While Elon Musk is talking about that, Ford is increasing their investment, overwhelmingly. I think Ford is increasing the investment in building new electric vehicles. Six thousand employees — union employees, I might add, in the Midwest. The former Chrysler Corporation, they also are making similar investments in electric vehicles. Intel is adding 20,000 new jobs making computer chips. So, you know, lots of luck on his trip to the moon,” the president said.
#BREAKING: President Biden responds to Elon Musk's "super bad feeling about" the US economy and wants to cut 10% of workforce: "Lots of luck on his trip to the moon." pic.twitter.com/QEYnPI6hlf
— Forbes (@Forbes) June 3, 2022
Musk responded by “thanking” the president with the sarcasm he has become noted for.
“Thanks Mr President!” he said.
Thanks Mr President!https://t.co/dCcTQLsJTp
— Elon Musk (@elonmusk) June 3, 2022
It came after the Tesla, Space X and Starlink CEO Elon Musk is very concerned about the global economy as reports say that Tesla may cut 10 percent of jobs.
On Thursday a message was sent to Tesla staff titled “pause all hiring worldwide, Reuters reported.
The CEO said in the email that he had a “super bad feeling” about the economy, and that employment in the company could have to be cut by 10 percent.
Market Watch reported:
Tesla shares fell more than 4% in premarket trading after closing up 4.6% at $776 on Thursday, amid a broad market rally, even as Microsoft MSFT, -1.82% cut its guidance ahead of the opening bell, blaming foreign-exchange rates.
Musk’s apparent economic gloom comes on the heels of attention-grabbing comments by JPMorgan Chase JPM, -0.89% Chairman and Chief Executive Jamie Dimon, who warned of a looming economic hurricane, from rate hikes, the war in Ukraine and inflation.
“Elon Musk has a uniquely informed insight into the global economy. We believe that a message from him would carry high credibility,” Morgan Stanley analyst Adam Jonas.
“If the world’s largest EV company warns on jobs and the economy, investors should reconsider their forecasts on margins and top-line growth,” he said.
The email comes after another email that was sent by Musk in which he ordered employees to go back to the office.
The Washington Examiner reports:
The billionaire Tesla boss, and aspirational Twitter owner, sent two emails to employees telling them that remote work is no longer permitted. The company, like many others, has allowed remote work during the pandemic, but now, it appears Musk has had enough of the trend. The subject line of his first email was “Remote work is no longer acceptable.”
“Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla. This is less than we ask of factory workers,” Musk wrote, according to copies of the emails obtained by Electrek.
After one Twitter user posted a screengrab of one of Musk’s emails and asked him to comment on people who think that in-office work is antiquated and out of date, the billionaire SpaceX founder and CEO responded that those people should merely “pretend to work somewhere else.”
The Examiner added:
The CEO said that exceptions would be reviewed and approved by him directly and that a return to the “office” means a main Tesla office and not a remote branch office unrelated to the employees’ job duties.
Musk further clarified Tesla’s new office attendance policy in a follow-up email with the subject line “To be super clear.”
“Everyone at Tesla is required to spend a minimum of 40 hours in the office per week. Moreover, the office must be where your actual colleagues are located, not some remote pseudo office. If you don’t show up, we will assume you have resigned,” he noted.
Musk went on to say that the more senior a worker is with the company, the more visible their presence ought to be. He added that’s why he has often opted to sleep on the floor of Tesla factories — so workers can actually see that he is working alongside them.
“Many employers have been reticent about a return to in-office work because of how tight the labor market is and how desperate they are to hang on to employees,” the outlet reported. “A large number of workers have enjoyed the freedom that working from home entails, and companies have used the appeal of remote work as a lure when advertising job openings.
“Some corporations have tried to mix remote and in-office work with hybrid models in which employees come into the office a few days per week and are allowed to work from home on other days,” the outlet continued.
In his emails, Musk has also acknowledged that other tech-centric companies have been hesitant to force workers back into offices, going on to take a stab at them for a perceived lack of innovation recently.
“There are of course companies that don’t require this, but when was the last time they shipped a great new product? It’s been a while,” Musk quipped. “Tesla has and will create and actually manufacture the most exciting and meaningful products of any company on Earth. This will not happen by phoning it in.”
