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  • Writer's pictureBy The Financial District

Tesla Job Cuts Do Not Sit Well With Biden

On Friday (Saturday, June 4, 2022, in Manila), US President Joe Biden likened Tesla to Ford unfavorably, sarcastically wishing Chief Executive Elon Musk "lots of luck" on his journey to the moon, after the billionaire expressed concerns about the economy, Andrea Shalal, and Trevor Hunnicutt reported for Reuters.

Photo Insert: US President Joe Biden sharing laughs with K-Pop sensation, BTS

According to Reuters, Musk wrote to executives in an email that he had a "super bad feeling" about the US economy and that the electric carmaker needs to reduce approximately 10% of its workforce.

Asked by Reuters about Musk's comments, Biden suggested maybe the issue was with Tesla. "While Elon Musk is talking about that, Ford is increasing their investment overwhelmingly," Biden said. “Ford is increasing investment and building new electric vehicles. Six thousand new employees, union employees I might add, in the Midwest."

According to company disclosures, Ford is investing $22 billion in electrification through 2025 as part of its plan to lead electrification in areas of strength. The company is electrifying its most iconic products – the Mustang, F-150, and Transit – with many more to come in the years ahead.

"So, you know, lots of luck on his trip to the moon," Biden added.

Musk replied on Twitter: "Thanks Mr. President!" with a link referencing NASA's April 2021 award of a $2.9 billion contract to Musk's SpaceX to build a spacecraft to bring astronauts to the moon.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

It is not the first salty exchange between the 79-year-old commander-in-chief, who admits to an occasional Irish temper, and South Africa-born Musk, 50, who became the world's wealthiest man as a serial entrepreneur but has turned his attention to US political debates and a stammered bid to takeover Twitter.

Musk benefited from a $465-million federal government loan to enable him to build electric cars.

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