As companies work to define their work place policies in a post-Covid world, Tesla CEO Elon Musk says its time to come back to the office.
In a leaked Tuesday company email, Musk ended any special privileges bestowed to workers during the Covid-19 pandemic. “Remote work is no longer acceptable,” Musk wrote. Only in extraordinary cases where coming into the office was impossible would Musk personally determine whether he could permit exceptions, Forbes reported.
“Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla,” Musk wrote.
“This is less than [what] we ask of factory workers” Musk wrote -possibly referencing Chinese staff in Shanghai who have been sleeping on the Shanghai gigafactory floor and working six days per week under the “closed loop system” during the recent Covid lockdown.
Tesla’s stock has also significantly dropped in price since the start of the year with a market capitalization of $1 trillion to a $780 billion as of Thursday. Tesla’s stock subsequently faced a steep decline in price as Musk reached an agreement with social media giant Twitter on April 26.
Pledging billions of dollars worth of Tesla shares as collateral for the $44 billion takeover of Twitter, if the share price of Tesla shrinks, Musk might be forced to sell shares to meet loan obligations, leading to a subsequent collapse of his net worth.
“Investors have worried about how much Musk is willing to risk because he could be sacrificing a stock that has dazzled investors in pursuit of a relative underperformer in Twitter,” The Washington Post writes.
The Washington Post adds that Tesla and Musk’s net worth will be affected by two factors: the sum of funding Musk has pledged to the Twitter takeover and fears he will be distracted from his role as chief executive of the EV company.
The Post is not unbiased of course.
Outside of the Twitter purchase, Tesla (TSLA) stock has been hit by broader economic trends such as 40-year-high inflation, the Federal Reserve’s subsequent move to raise interest rates and the war in Ukraine, The Motley Fool reports.
Despite the Twitter and macro challenges, Tesla just printed a record quarter. Reporting a $3.3 billion profit, an 81% climb in year over year total sales, an increase in total production and vehicle deliveries by a respective 69% and 68%, Tesla has crushed expectations.
Responding on Twitter as to whether the email was legitimate, Musk was more than frank.
“They should pretend to work somewhere else,” Musk Tweeted.
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