Reuters reported Austin-based Tesla is expected to cut 10% of its jobs.

The report cites a letter from Elon Musk, that also calls for a pause in hiring worldwide.

Musk also said he had a “super bad feeling” about the economy.

President Biden commented on the move on Friday. “Well, let me tell you. While Elon Musk is talking about that, Ford is increasing their investment overwhelmingly.

I think Ford is increasing the investment in building new electric vehicles: 6,000 new employees — union employees, I might add — in the Midwest,” he told reporters.

“So, you know, lots of luck on his trip to the moon,” the President added.

A Central Texas Tesla employee confirms receiving a later email from Musk to employees, clarifying that the company would be “reducing salaried headcount by 10%.

“This does not apply to anyone actually building cars, battery packs or installing solar,” Musk’s email read. He added that hourly positions will increase.

KXAN sat down with three different economists, who all have different answers on what this could signal for the economy as a whole.

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