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    Bitcoin has lost nearly half its value since 2021 peak – National

    EU hammering out cryptocurrency regulations that could set global standard – National

    Roe v. Wade overturn: Can data be used to crack down on abortions? – National

    Roe v. Wade overturn: Can data be used to crack down on abortions? – National

    Kyle Rittenhouse announces video game about shooting ‘fake news turkeys’ – National

    Kyle Rittenhouse announces video game about shooting ‘fake news turkeys’ – National

    Amazon’s Alexa could soon mimic the voice of your dead loved ones – National

    Amazon’s Alexa could soon mimic the voice of your dead loved ones – National

    YouTube might be asked to manipulate algorithms under online streaming bill: CRTC chair – National

    YouTube might be asked to manipulate algorithms under online streaming bill: CRTC chair – National

    Instagram testing new tools to verify user age – National

    Instagram testing new tools to verify user age – National

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    Red Sox hang on for 6-5 win over Blue Jays

    Red Sox hang on for 6-5 win over Blue Jays

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    Saint John Sea Dogs skate past Hamilton Bulldogs 6-3 to win Memorial Cup

    Blue Jays add veteran Romo to bullpen

    Blue Jays add veteran Romo to bullpen

    R. Kelly sentenced to 30 years in jail in sex trafficking case – National

    R. Kelly sentenced to 30 years in jail in sex trafficking case – National

    Russian players banned at Wimbledon: Pawns in the political game or more at stake? – National

    Russian players banned at Wimbledon: Pawns in the political game or more at stake? – National

    Sandra Oh, Donovan Bailey among dozens appointed to Order of Canada

    Sandra Oh, Donovan Bailey among dozens appointed to Order of Canada

    Travis Barker rushed to hospital, daughter asks fans to ‘send prayers’: report – National

    Travis Barker rushed to hospital, daughter asks fans to ‘send prayers’: report – National

    Blue Jays rally in ninth inning to clip Red Sox

    Blue Jays rally in ninth inning to clip Red Sox

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    REVIEW: New doc takes deep dive into Leonard Cohen’s ‘Hallelujah’

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    Nahar state of the art medical and diagnostic center, mumbai Is the first medical facility in india to accept BitcoinCash.

    Nahar state of the art medical and diagnostic center, mumbai Is the first medical facility in india to accept BitcoinCash.

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    These young entrepreneurs have established that age is just a number

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    Bitcoin has lost nearly half its value since 2021 peak – National

    EU hammering out cryptocurrency regulations that could set global standard – National

    Roe v. Wade overturn: Can data be used to crack down on abortions? – National

    Roe v. Wade overturn: Can data be used to crack down on abortions? – National

    Kyle Rittenhouse announces video game about shooting ‘fake news turkeys’ – National

    Kyle Rittenhouse announces video game about shooting ‘fake news turkeys’ – National

    Amazon’s Alexa could soon mimic the voice of your dead loved ones – National

    Amazon’s Alexa could soon mimic the voice of your dead loved ones – National

    YouTube might be asked to manipulate algorithms under online streaming bill: CRTC chair – National

    YouTube might be asked to manipulate algorithms under online streaming bill: CRTC chair – National

    Instagram testing new tools to verify user age – National

    Instagram testing new tools to verify user age – National

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    Red Sox hang on for 6-5 win over Blue Jays

    Red Sox hang on for 6-5 win over Blue Jays

    Saint John Sea Dogs skate past Hamilton Bulldogs 6-3 to win Memorial Cup

    Saint John Sea Dogs skate past Hamilton Bulldogs 6-3 to win Memorial Cup

    Blue Jays add veteran Romo to bullpen

    Blue Jays add veteran Romo to bullpen

    R. Kelly sentenced to 30 years in jail in sex trafficking case – National

    R. Kelly sentenced to 30 years in jail in sex trafficking case – National

    Russian players banned at Wimbledon: Pawns in the political game or more at stake? – National

    Russian players banned at Wimbledon: Pawns in the political game or more at stake? – National

    Sandra Oh, Donovan Bailey among dozens appointed to Order of Canada

    Sandra Oh, Donovan Bailey among dozens appointed to Order of Canada

    Travis Barker rushed to hospital, daughter asks fans to ‘send prayers’: report – National

    Travis Barker rushed to hospital, daughter asks fans to ‘send prayers’: report – National

    Blue Jays rally in ninth inning to clip Red Sox

    Blue Jays rally in ninth inning to clip Red Sox

    REVIEW: New doc takes deep dive into Leonard Cohen’s ‘Hallelujah’

    REVIEW: New doc takes deep dive into Leonard Cohen’s ‘Hallelujah’

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    Nahar state of the art medical and diagnostic center, mumbai Is the first medical facility in india to accept BitcoinCash.

    Nahar state of the art medical and diagnostic center, mumbai Is the first medical facility in india to accept BitcoinCash.

    These young entrepreneurs have established that age is just a number

    These young entrepreneurs have established that age is just a number

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Elon Musk details Tesla staff cuts in anticipation of U.S. economic slide – National

by The Frontier Times
June 21, 2022
in Tech
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Elon Musk details Tesla staff cuts in anticipation of U.S. economic slide – National
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Elon Musk, CEO of Tesla, said a 10 per cent cut in salaried staff at the electric car maker will happen over three months, as the world’s richest man predicted a U.S. recession was more likely than not.

His remarks were his most detailed explanation of job cut plans and his first in-person appearance since Reuters reported at the start of this month that the company needed to cut staff by about 10 per cent and was pausing hiring worldwide.

Speaking at the Qatar Economic Forum organized by Bloomberg, Musk said the cuts would apply only to salaried workers, meaning a 3.5 per cent reduction in total headcount, changes he described as “not super material.”

Read more:

Elon Musk needs to cut 10% of Tesla jobs due to ‘super bad’ feeling about economy

But he expressed concern about the prospect of a U.S. recession.

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“It’s not a certainty, but it appears more likely than not,” he said.

Musk’s outlook echoes comments from executives, including JPMorgan Chase & Co CEO Jamie Dimon and Goldman Sachs President John Waldron. A “hurricane is right out there down the road coming our way,” Dimon said early this month.

Whether the United States will go into recession has been a growing concern for chief executives, the Federal Reserve, and the Biden administration.


Click to play video: 'U.S. inflation at its highest level in 4 decades'






2:14
U.S. inflation at its highest level in 4 decades


U.S. inflation at its highest level in 4 decades

U.S. President Joe Biden reiterated on Monday that he felt a U.S. recession was not inevitable, even as the world’s largest economy struggles to tackle soaring gasoline prices and inflation, which is at its highest in 40 years.

Former U.S. Treasury Secretary Lawrence Summers told NBC News on Sunday he expected a recession.

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In an email on June 2, seen by Reuters, Musk told Tesla executives he had a “super bad feeling” about the economy and that the company needed to cut staff by about 10 per cent and “pause all hiring worldwide.”

He said on Tuesday Tesla expected to increase the number of workers paid by the hour as opposed to on fixed salaries.

Read more:

Elon Musk is threatening to walk away from US$44B Twitter deal. Here’s why

He also said he was sticking with digital currency and intended to personally support dogecoin.

Digital currency has been extremely volatile this year, but bitcoin surged following Tesla’s announcement in February last year that it had bought US$1.5 billion of the currency and for a short time accepted it as payment for vehicles.

‘VERY SIGNIFICANT MATTER’ UNRESOLVED ON TWITTER DEAL

Elon Musk also spoke about his bid to buy Twitter, which Forbes magazine reported early this month he had agreed to buy for US$44 billion.

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Musk said there were unresolved issues, including the debt portion of the deal and the number of spam users.

“We’re still awaiting resolution on that matter, and that is a very significant matter,” he said, reiterating doubts over Twitter’s claims that false or spam accounts represented fewer than five per cent of its monetisable daily active users.

“And then of course, there’s the question of, will the, the debt portion of the round come together? And then will the shareholders vote in favor?”


Click to play video: 'Freeland unsure whether Canada will enter recession in coming years'






1:36
Freeland unsure whether Canada will enter recession in coming years


Freeland unsure whether Canada will enter recession in coming years

Musk said he would like to get 80 per cent of North America and half the world on Twitter.

“My aspiration for Twitter is to be as inclusive as possible,” he said.

The most important thing was to take the company in the right direction, as at his private rocket company SpaceX and Tesla, he said.

Story continues below advertisement

“Whether I am CEO is much less important than my ability to drive the product in the right direction,” he said.





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