• Tesla CEO Elon Musk announced on Tuesday that the company’s paid employment will be reduced by about 10% during the next three months.
• The cuts will result in a 3.5 percent reduction in total personnel at the company.
• Tesla had nearly 100,000 employees worldwide at the end of last year.

Elon Musk, the CEO of Tesla, announced on Tuesday that the company’s paid employment will be reduced by about 10% during the next three months.

Musk stated at the Bloomberg-sponsored Qatar Economic Forum that the cuts will result in a 3.5 percent reduction in total personnel at the company.

Tesla has slashed job ads by 14%, according to Reuters, after Chief Executive Elon Musk said he was concerned about the economy, needed to trim workers, and would suspend hiring globally.

Tesla, which had nearly 100,000 employees worldwide at the end of last year, has also cancelled three online recruitment events slated for China this month.

In an email reviewed by Reuters on June 2, Musk warned Tesla executives that he had a “very awful feeling” about the economy and that the business needs to slash workers by approximately 10% and “halt all hiring worldwide.”