Elon Musk announces layoffs of 10% of Tesla employees The news sent shares down 9%.

An internal letter to Tesla executives said in a statement that Tesla would stop hiring worldwide. By the end of 2021, Tesla had 99,290 employees worldwide.

The announcement comes after the company announced a recent announcement that Tesla and SpaceX employees will be able to return to work at least 40 hours a week and find new jobs if they do not show up. Tesla shares fell more than 9% on Friday.

Following the news of Tesla’s layoffs, President Joe Biden was questioned about Elon Musk’s negative economic outlook. Biden said the company is raising investment in new electric cars and hiring up to 6,000 new employees across the Midwestern United States, despite the fact that the company is struggling with economic concerns and downsizing.

Despite the strained relationship between the Tesla CEO and Biden, Biden praised Fiat Chrysler Automobiles (now Stellantis N.V.) for its investment in electric car manufacturing in the United States, and welcomed Intel for adding 20,000 new jobs in computer chips.

When news of the demolition broke out at Tesla, Biden joked, “You know that, and good luck with his lunar missions.”

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