Joe Biden Tells Elon Musk He Is CONCERNED About Economy:- Elon Musk, CEO of Tesla, recently expressed a “super bad feeling” about the economy and decided to cut its workforce by 10%. US Vice President Joe Biden wished Musk “lots of luck” for his trip to the moon.
During a press briefing that took place late on Friday night at the White House, Biden was asked about Musk’s pessimistic attitude toward the economy. In response, Biden said, “Lots of luck on his trip to the Moon.”
Musk, who has been known to criticize Biden on multiple occasions in the past and who had just recently declared that he would vote for the Republicans in the midterm elections in November, tweeted, “Thank you, Mr. President!”
NASA made the decision a year ago to award the contract to continue the development of the first commercial human lander to the company run by Elon Musk, SpaceX. This lander is intended to securely transport the next two American astronauts to the lunar surface.
At least one of these intrepid explorers will go down in infamy of history as the first woman to set foot on the moon. The Artemis program has additional objectives, one of which is to successfully land a person of color on the surface of the moon.
The powerful Space Launch System rocket that SpaceX has developed will be used to send four astronauts into lunar orbit aboard the Orion spacecraft. This trip will take several days. At this point in their journey, two crew members will make the transition to the SpaceX human landing system (HLS) to complete the last leg of their trip to the surface of the Moon.
After spending roughly a week exploring the surface, they will climb aboard the lander for the brief journey back to orbit, where they will meet up with Orion and the rest of their crewmates one last time before returning to Earth.
The project was awarded to SpaceX by NASA for $2.9 billion, and the company intends to complete the first Artemis landing as early as the year 2025. In the meantime, it has been reported that Musk intends to lay off ten percent of Tesla’s workforce in addition to freezing hiring during a stalled deal with Twitter, global macroeconomic conditions such as a chip shortage, rising inflation, and high-interest rates.
Musk has a “super bad feeling” about the economy, and he cites this as the reason for reducing the workforce at Tesla, which has nearly one lakh employees worldwide. Musk issued an ultimatum to Tesla employees earlier this week, telling them they “should pretend to work somewhere else” if they do not agree with the company’s policy and giving them the option to either return to the office or quit their jobs.
The verbal battle broke out against the backdrop of Musk’s new status as the number one enemy of progressives, who are furious that Musk intends to buy Twitter and turn it into a platform for unregulated free speech.
This is something that supporters of the plan say would give conservative viewpoints a footing on the liberal-dominated social media site. Elizabeth Warren, a Democrat from Massachusetts, wished Elon Musk a sarcastic “Happy Tax Day” on April 15, noting that he reportedly did not pay any federal income tax in 2018, even though he previously stated that he would pay a record $11 billion in taxes on his earnings in 2021.
Rep. Alexandria Ocasio-Cortez, a Democrat from New York, has also suggested that Musk has “an ego problem.” She told Bloomberg last week that she was considering trading in her Tesla Model 3 for an electric vehicle that was manufactured by unionized workers.
Musk is an outspoken opponent of labor unions, and he recently tweeted that he was planning to stop voting for Democrats “because they have become the party of division and hate, so I can no longer support them and will vote Republican.”
He continued, “Now, watch their dirty tricks campaign against me unfold.” Reuters reported on Friday that it had obtained emails demonstrating that Elon Musk had instructed Tesla executives on Thursday to “pause all hiring worldwide.”
According to Reuters, Elon Musk stated in a follow-up email to employees that the company would reduce its salaried headcount by 10 percent because it is “overstaffed in many areas,” but that “hourly headcount will increase.”
According to reports, Elon Musk made the following statement: “Note, this does not apply to anyone building cars, battery packs, or installing solar.” According to a filing with the Securities and Exchange Commission, Tesla and its subsidiaries employed close to 100,000 people in the preceding calendar year.
The filing did not differentiate between the numbers of salaried and hourly workers. The emails sent by Musk came after he had previously issued numerous warnings that the United States was in danger of entering a recession.
“Elon Musk has a perspective on the state of the world economy that is truly unparalleled. According to Adam Jonas, an analyst at Morgan Stanley, who was quoted in a report, “We believe that a message from him would carry high credibility.”
And even though demand for Teslas and other electric vehicles has remained high, an analyst at the German bank NordLB named Frank Schwope said, “It is always better to introduce austerity measures in good times than in bad times.”
Schwope continued by saying, “I view the statements as a forewarning and a precautionary measure.” Inflation in the United States reached its highest level in more than four decades last month when it reached 8.5 percent; this was the highest level it had been at in more than four decades.
This has led other prominent executives to sound the alarm about the possibility of a recession in the United States. Jamie Dimon, chairman, and chief executive officer of JPMorgan Chase, made these remarks on Wednesday: “That hurricane is right out there down the road coming our way.”
Biden, who received a dismal approval rating of 40 percent in a poll conducted by Rasmussen Reports on Friday, contrasted Musk’s corporate layoffs with Ford’s announcement on Thursday that it planned to add 6,200 factory jobs in Michigan, Missouri, and Ohio to boost production of electric vehicles.
The poll was conducted on Friday. While Elon Musk is talking about it, Ford is overwhelmingly increasing their investment, he said. “While Elon Musk is talking about it.” Biden made a point of mentioning that the newly hired workers would be “union employees, I might add.”
The May jobs report, which was released by the Labor Department on Friday, was also praised by the president, who stated that the United States had made “the most robust recovery in modern history.”
He asserted that the current state of the job market was the best it had been since shortly after the end of World War II. The monthly statistics showed that employers across the country continued their streak of hiring by adding 390,000 jobs, which maintained the unemployment rate at 3.6 percent, which is just slightly above a half-century low.
Although the number of jobs created continued to increase, May’s number represented the smallest monthly gain in over a year, and stock market indexes declined as a result of investors’ anticipation that the Federal Reserve would keep increasing interest rates to reduce inflation.
The actions of the Fed have already caused mortgage rates to skyrocket, which has led to a decrease in home sales. Additionally, the Fed’s actions have made it more expensive for businesses to borrow money to invest in new buildings and equipment in the wake of the COVID-19 pandemic.
Biden was questioned about inflation, which is a significant contributor to his dismal performance in the polls. He stated, “There is no denying prices, especially around gasoline and food, are real problems.” “There’s no denying prices,” “I get those families who are having a hard time making ends meet probably don’t care why prices have gone up. They only wish to bring them to their knees.”
Patrick Ruffini, a partner at Echelon Insights, stated that with the midterm elections coming up in November, high inflation has caused more voters to favor Republican policies of cutting government spending and increasing oil and gas production.
Ruffini was speaking because high inflation has caused more voters to favor Republican policies. According to Ruffini, voters are also interested in seeing “political leadership.”
He stated that for a considerable amount of time, the Biden administration did not even give the appearance of acknowledging the issue. That’s all for today.
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Information Souce: Techmo