Elon Musk seemed to try to assuage investors’ anxiety over the weekend, following his leaked emails about slashing Tesla’s workforce, which sent the stock nosediving on June 3, closing down 9.22%.

                By                    Yaёl Bizouati-Kennedy

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On June 4, Musk tweeted that “total headcount will increase, but salaried should be fairly flat.”

Musk said he had a “super bad feeling” about the economy, according to an internal email to executives obtained by Reuters and titled “pause all hiring worldwide.”

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“Tesla will be reducing salaried headcount by 10% as we have become overstaffed in many areas. Note, this does not apply to anyone actually building cars, battery packs or installing sloe. Hourly headcount will increase,” the memo, posted on Twitter by The Future Fund managing partner and co-founder Gary Black, reads.

As of December 31, 2021, Tesla had 99,290 employees, according to its annual report. 

Shares of Tesla — which have been struggling since the $44 billion Twitter acquisition was announced in April – were up 2.98% in pre-market trading on June 6.

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“Commodity prices are not easing fast enough, China’s COVID situation will likely linger, and a weaker consumer will hurt demand for new cars.  If Tesla is worried about their outlook, that means the other large car manufacturers are in bigger trouble,” Moya said. “Tesla could be vulnerable to a retest of the May lows, but that will likely be a buying opportunity.  Tesla will still remain a buy for many on Wall Street as they are still the EV king, energy prices are not coming down anytime soon, and a stock-split is likely coming for retail traders.”