Tesla CEO Elon Musk has such a “bad feeling” about the economy that he’s directed the company’s executives to “freeze” hiring and cut staff.

In an email titled “Pause all hiring worldwide,” billionaire Elon Musk said Tesla needs to cut about 10% of its workforce.

Tesla did not respond to a request for comment.

Mr Musk’s email came as the stock market plunged this year on fears the US economy would slip into recession, as the Federal Reserve raised interest rates sharply to combat rising inflation.

Other CEOs have recently expressed concerns about the economy, with JPMorgan Chase CEO Jamie Dimon this week predicting an “economic storm.”

Elon Musk reportedly wants to cut 10% of his staff because he’s worried about the economy.

“Right now it’s sunny, things are going well. Everybody thinks the Fed can handle this,” Mr. Dimon said at an investment conference. “But the economic storm is here and it’s headed our way. We just don’t know if it’s a small storm or a superstorm Sandy. You better be prepared.”

The concerns come even as the labor market remains strong, with data on June 3 showing that U.S. businesses added 390,000 jobs in May, while the unemployment rate held steady at 3.6%.

Mr Musk’s dire feelings about the economy come even as electric car sales in the US and globally are surging, allowing Tesla to post record profits in the first quarter of 2022.

In reality, however, Tesla has continued to face supply chain and manufacturing challenges stemming from the pandemic. Tesla’s Shanghai factory was shut down due to the pandemic earlier this year, significantly affecting the company’s overall production operations.

Musk’s email comes after a series of emails leaked this week showed the Tesla CEO demanding his employees return to the office to work in person at least 40 hours a week or face being fired.