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is looking to lay off 10% of its workforce and pause hiring,

CEO said in an email to executives that he had a 鈥渟uper bad feeling about the economy,鈥� Reuters reported. Along with plans for layoffs, Musk said the company will pause hiring worldwide. The company has around 100,000 employees, per Reuters.

Tesla joins companies such as and in slowing down or pausing hiring plans amid a volatile stock market. News broke last week that Instacart is slowing down hiring as it focuses on profitability ahead of its IPO, and Uber CEO that the company will cut down on spending and view hiring as a 鈥減rivilege.鈥�

Several other tech companies have started laying off staff as well, with companies such as , and slashing their workforces. You can read more about the U.S.-based tech companies that have had layoffs this year here.

Tech stocks have been hit particularly hard during the economic downturn, which has been fueled by rising interest rates, inflation and Russia鈥檚 invasion of Ukraine. Tesla鈥檚 stock was down around 40% on Friday from the beginning of the year.

Musk鈥檚 email detailing Tesla鈥檚 plans to control costs comes just days after he sent out a companywide email demanding that employees spend a minimum of 40 hours a week in the office or resign.

Along with Tesla, Musk serves as the CEO of and co-founded companies including and . Most recently, he entered into an agreement to acquire and take it private for around $44 billion, though Twitter鈥檚 long-term leadership plans and Musk鈥檚 involvement are unclear.

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