Tesla has cut job postings by 14% since Chief Executive Officer Elon Musk warned that he was worried about the economy, had to cut staff, and would halt hiring worldwide.
Tesla’s actions are an alarming sign of the health of the global economy as markets contract, inflation soars and recession concerns escalate.
The number of job postings on Tesla’s website fell to 5,011 from 5,855 at the start of the month, according to data provided by Thinknum Alternative Data to Reuters. Listings are down 32% from the highest level seen recently on May 21.
In addition, nearly 20 people who identify themselves as Tesla employees said in online publications and interviews with Reuters last week that they had been laid off, released, or terminated from their positions. That’s a tiny number compared to the size of Tesla’s workforce, but many have said it’s part of a 10% job cut, which indicates that the company is indeed laying off workers.
Other Tesla employees spoke of a sense of uncertainty about how the layoffs would be implemented, saying Musk’s order earlier this month to return to the office and stop working remotely made their positions untenable.