Joe Biden Responds to Musk's Statements on US Economy

President Joe Biden responded on Friday to the latest Tesla CEO Elon Musk about feeling so bad regarding the US economy, saying: “Lots of luck on his trip to the moon."

The US President was asked about his response to Musk's statements after the release of the May labour report on Friday. The Labor Department found that the U.S. government added 390,000 jobs in May, while the unemployment rate recorded 3.6%.

Biden said: “Well, let me tell you, while Elon Musk is talking about that, Ford is increasing their investment overwhelmingly."

Earlier, Tesla and SpaceX CEO is thinking of cutting at least 10 percent of Tesla jobs according to an email the Chief sent to the company’s executives cited by Reuters.

The report added that Musk informed all directors to pause all hiring worldwide. This directive order came two days after Tesla’s Chief demands to his working teams to return to the office or leave.

The shares of the car making company dropped by 3% in the markets on Friday in the US, and by 3.5 in Frankfurt, Germany stocks by 3.6.

Although the demands for electric vehicles are still strong around the world, Tesla still has issues with starting production in its Shanghai factory.

Carsten Brzeski, a Researcher at one of the leading Duch banks, told Business Standard: “Musk’s bad feeling is shared by many people.”

Brzeski added: “But we are not talking about global recession. We expect a cooling of the global economy towards the end of the year. The U.S. will cool off, while China and Europe are not going to rebound.”