It appears that the coronavirus pandemic and its economic consequences are no longer ridiculous even for critics. It has been announced that Tesla will cut its workers’ wages by up to 30%.
Elon Musk gained some notoriety when tweeted on March 6 that “the coronavirus panic is stupid.” The tweet received hundreds of thousands of replies and more than 1.7 million positive replies.
The coronavirus panic is stupid
– Elon Musk (@elonmusk) March 6, 2020
Regardless of whether Musk continues to claim this, the decline in global demand due to the pandemic was very real. Now Tesla has announced that the crisis has severely impacted results and the company needs to cut its workers’ wages.
Tesla will cut up to 30% of its employees’ wages
The coronavirus pandemic has stopped producing Tesla plants. From April 13, Musk’s company will reduce the salaries of all employees of the company. According to an internal email, some hourly workers are also temporarily unpaid leave. [El borde]
While it is not clear how many workers will be on unpaid leave, this will certainly be important. Tesla employs around 50,000 people worldwide. It should also be noted that some workers have said that receiving unemployment benefits is preferable to working hours and may be exposed to the virus. However, this means that unemployment claims are processed properly. There appears to be a significant delay at the time of writing this article.
Musk is not to blame himself, but one can believe that the panic is exaggerated despite the economic consequences. However, the socio-political response was serious and the end result was serious economic uncertainty. With the decline in global demand and consumer confidence, many factories like Tesla’s will close their doors for some time until normality is restored.
Elon Musk’s openness on Twitter
Elon Musk is known for being very open on Twitter. From supporting Andrew Yang ‘s proposal for a universal basic income to his subtle support for Ethereum BUY NOWHis Twitter was often the subject of speculation.
Despite the ongoing crisis, Musk seems to be focusing on his SpaceX projects. Over the past week, he’s tweeted some amazing pictures from space and pictures of fuel tanks. In the meantime, Tesla will also manufacture ventilators for coronavirus patients.
Musk has also shown interest in the blockchain front. According to a recently announced announcement, Tesla Shanghai will work with a Chinese shipping company to implement blockchain-based freight logistics services. [GlobeNewswire]
Overall, Musk seems to have his hands full, although the current crisis is a surprise. However, it seems that he is adapting to the situation.
Do you use telegram? Join the Telegram trading community to get exclusive buy and sell signals for cryptocurrencies, educational content, discussions and project analysis!
Join the Cryptocurrency group on Facebook to comment on the latest news, share the best blockchain projects and trading signals, and win the market
Disclaimer of liability. Read moreRead less
As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information contained in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend and do not intend to provide sufficient information for a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those listed in the content of this article.