Shares in Tesla Motors, the leading electric-car manufacturer, tumbled Friday after reports that CEO Elon Musk wants to reduce jobs at the company by 10% to reduce costs.
Tesla builds most of its vehicles at its massive 5.3 million square-foot plant in Fremont. The plant employs about 22,000 people.
According to a report by Reuters, Musk sent an e-mail to company executives that he has a really bad feeling about the economy and wants to eliminate 10% of Tesla’s workforce. The company has over 100,000 workers total.
It’s been a very busy year for Musk who, in addition to being CEO of Tesla, is in the middle of a deal to buy Twitter for $44 billion.
Musk is also the CEO of rocket-company SpaceX.
