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Elon Musk says ‘inevitable’ US recession will probably come soon

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theguardian.com

Elon Musk has warned that a US recession is “more likely than not” to come soon as the Tesla chief executive confirmed plans to cut 10% of salaried staff at the electric carmaker over the next three months.The world’s richest man said a recession in the US was inevitable but would most probably come in the short term.“A recession is inevitable at some point.

As to whether there is a recession in the near term, that is more likely than not,” Musk said in an interview via videolink at the Qatar Economic Forum in Doha on Tuesday.Musk said Tesla was planning to reduce salaried staff numbers by 10%, confirming plans revealed in an internal email this month by Reuters.“Tesla is reducing its salaried workforce by roughly 10% over the next probably three months or so,” Musk said at the event hosted by Bloomberg. “We expect to grow our hourly workforce.

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