Tesla CEO Elon Musk said in an e-mail to all employees at the electric vehicle maker on Friday that the company will cut 10% of salaried workers and will instead rely on more hourly workers.

Shares of Tesla dipped 8% Friday by mid-morning after Reuters reported on an earlier email Musk had sent to executives about his plans to cut Tesla’s workforce and expressing a “super bad feeling” about the economy.

In its year-end financial filing, Tesla said it employed 99,290 people around the world as of the end of 2021.

Here’s the new email sent to all employees as transcribed by CNBC:

To: Everybody
Subject: Headcount Reduction
Date: Friday, June 3, 2022

Tesla will be reducing salaried headcount by 10% as we have become overstaffed in many areas. Note this does not apply to anyone actually building cars, battery packs or installing solar. Hourly headcount will increase.

Elon

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