Tesla shares were beheaded and collapsed by more than 9% on Friday (3rd) after CEO Elon Musk called out that the economy is bad and the company must lay off 10% of its workforce. Xie Jinhe, chairman of Caixin Media, said that Musk’s recent investment in Twitter has been controversial, and he has acted as an economist predicting the future, even if employees have to stay in the office for 40 hours. Keep your mouth shut, like to open up your mouth, “As a shareholder, I am afraid you have to be very careful.”
An internal letter from Tesla leaked a few days ago, and CEO Musk disclosed that he had a “super ominous feeling” about the economic outlook, believing that the company must lay off 10% of its workforce and suspend recruiting new employees; after the news came out, Tesla’s stock price rose weekly Five cliffs fell 9.22% to close at $703.55, with the $700 mark in jeopardy.
Xie Jinhe pointed out in a Facebook post that since the death of Jobs, Musk has become a wealth-creating wizard who can turn stones into gold on the surface. The recent Twitter, Musk’s erratic remarks, has caused Twitter’s stock price to have a very big ups and downs.
He said that Musk has had some controversies recently. First, since he has decided to privatize Twitter, the price has been set, so don’t kick your legs. When you realize that it is expensive to buy, you will pick up a lot of faults. All over again, the credit has been seriously discounted. .
“Secondly, Musk can’t keep his mouth shut and likes to open his mouth. Like he said that after taking Twitter, the next target is Coca-Cola. He said that if he wins the management rights of Coca-Cola, he will add the formula of cocaine to Coke. There was an uproar in the market. Musk publicly stated in interviews that he smoked marijuana when he was alone, which would also make shareholders worried about his physical and mental health.”
There is also the recent ESG (sustainable investment) delisting Tesla, which made Musk yell at him. Xie Jinhe believes that Tesla’s environmental protection in E (environment) and social responsibility in S (social) are relatively minor, and the focus is on G (governance), that is, corporate governance. Musk was a wild horse, and no one could hold him back.
Recently, Musk said that it is too easy to make money in the world, and economic recession is a good thing. In the past two days, he also said that he has a very uneasy feeling about the future economy, and will suspend global recruitment and lay off 10% of employees if necessary! He recently made another nasty statement: Everyone has to work at least 40 hours a week in the office, and if you don’t show up, we’ll assume you’ve quit.
Xie Jinhe pointed out that for this kind of human resources management, Musk suddenly predicted the future like an economist, and suddenly became the head of human resources, stipulating that everyone should stay in the office for 40 hours. This kind of management work, which Musk does personally, is probably not a good thing for Tesla’s future. This year, Tesla’s market value once exceeded $1 trillion. This trillion-dollar enterprise needs a strong governance team, and it definitely does not depend on one person.
Xie Jinhe said bluntly that in the early stage of a company’s entrepreneurship, it is possible to rely on the divine power of one person to create a large area of the country, but it is easy to attack a city, but difficult to defend. Be careful.
(Wu Meimei from China Times News Network)
Further reading
Musk sees bad economy: Tesla will lay off 10% of employees
Musk: Employees must go back to the office at least 40 hours a week
Musk’s father: Strict tutoring fostered his son’s ambition from an early age
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