$PTON

Rumors of $Pton management having secret meetings with $Nke management… 👀 somethings cooking there! Expecting a $25-$40 deal range

By Hyunjoo Jin SAN FRANCISCO (Reuters) - Tesla (NASDAQ:TSLA) CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of jobs at the electric carmaker, he said in an email to executives seen by Reuters. The message, sent on Thursday and titled "pause all hiring worldwide", came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession. Almost 100,000 people were employed at Tesla and its subsidiaries at the end of 2021, its annual SEC filing showed. The company was not immediately available for comment. Tesla shares fell nearly 5% in U.S. pre-market trade on Friday and its Frankfurt-listed stock was down 3.6% after the Reuters report. U.S. Nasdaq futures turned negative and were trading 1% lower. Musk has warned in recent weeks about the risks of recession, but his email ordering a hiring freeze and staff cuts was the most direct and high-profile message of its kind from the head of an automaker. So far, demand for Tesla cars and other electric vehicles (EV) has remained strong and many traditional indicators of a downturn - including increasing dealer inventories and incentives in the United States - have not materialized. But Tesla has struggled to restart production at its Shanghai factory after COVID-19 lockdowns forced costly outages. "It is always better to introduce austerity measures in good times than in bad times. I see the statements as a forewarning and a precautionary measure," said Hanover-based NordLB analyst Frank Schwope. Many carmakers achieved record profits in 2021, but the economic situation is now more uncertain, he noted. Musk's gloomy outlook echoes recent comments from executives including JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon and Goldman Sachs (NYSE:GS) President John Waldron. A "hurricane is right out there down the road coming our way," Dimon said this week. Inflation in the United States is hovering at 40-year highs and has caused a jump in the cost of living for Americans, while the Federal Reserve faces the difficult task of dampening demand enough to curb inflation while not causing a recession. Musk, the world's richest man according to Forbes, did not elaborate on the reasons for his "super bad feeling" about the economic outlook in the brief email seen by Reuters. It was also not immediately clear what implication, if any, Musk's view would have for his $44-billion bid for Twitter (NYSE:TWTR). U.S. antitrust regulators cleared the deal on Friday, sending Twitter shares up nearly 2% in pre-market trading. Several analysts have cut price targets for Tesla recently, forecasting lost output at its Shanghai plant, a hub supplying EVs to China and for export. China accounted for just over a third of Tesla's global deliveries in 2021, according to company disclosures and data released on sales there. On Thursday, Daiwa Capital Markets estimated Tesla had about 32,000 orders awaiting delivery in China, compared to 600,000 vehicles for BYD, its larger EV rival in that market. Wedbush Securities analyst Daniel Ives said in a tweet it appeared Musk and Tesla were "trying to be ahead of a slower delivery ramp this year and preserve margins ahead of an economic slowdown." ) 'PAUSE ALL HIRING' Before Musk's warning, Tesla had about 5,000 job postings on LinkedIn from sales in Tokyo and engineers at its new Berlin gigafactory to deep learning scientists in Palo Alto. It had scheduled an online hiring event for Shanghai on June 9 on its WeChat channel. Musk's demand that staff return to the office has already faced pushback in Germany. And his plan to cut jobs would face resistance in the Netherlands, where Tesla has its European headquarters, a union leader said. "You can't just fire Dutch workers," said FNV union spokesperson Hans Walthie, adding Tesla would have to negotiate with a labor union on terms for any departures. In a Tuesday email, Musk had said Tesla employees were required to be in the office for a minimum of 40 hours per week, closing the door on any remote work. "If you don't show up, we will assume you have resigned," he said. Musk has referred to the risk of a recession repeatedly in recent comments. Remotely addressing a conference in mid-May in Miami Beach, he said: "I think we are probably in a recession and that recession will get worse." ) " onerror="this.style.display='none'" class="msg-img" /> Other companies have cut jobs or are slowing or pausing hiring amid weakening demand. Last month, Netflix (NASDAQ:NFLX) said it had laid off about 150 people, mostly in the United States, and Peloton (NASDAQ: PTON) said in February it would cut 2,800 jobs. Meta Platforms, Uber (NYSE:UBER) and other technology companies have slowed hiring. In June 2018, Musk said Tesla would cut 9% of its workforce as the then-loss-making company struggled to ramp up output of Model 3 electric sedans, although data in its SEC filings showed reductions were more than offset by hiring by year end.

RECAP 5/26 Unusual Calls $MT Jun 35 C $NKLA Jun03 6.5 C $CVX May27 180 C $NTNX Jun 18 C $AAL Aug 19 C $DKNG Jun03 15.5 C $SNAP Jun 17 C $MQ Jul 11 C $PTON May27 14 C $AVYA Jun 4/5 C $VALE Jun 18 C $FTCH Jun 9/15 C

5500 $PTON Jan 2024 5.0 Puts $1.24 (CboeTheo=1.20) ASKSIDE AMEX IV=104.5% +2.3 GEMX 8 x $1.13 - $1.27 x 13 BZX CROSS - OPENING Vol=5520, OI=420

Damn it and I like rides. lol > @singletary said: $dks crowded similar to $pton $snap. cautious. no riding

$dks crowded similar to $pton $snap. cautious. no riding

$upst $rblx $pton wam bam in the clam. thank you sir

$pton lows

Relative strength. Nice! > @singletary said: $rblx $upst $pton daily watches for me

$rblx $upst $pton $nio daily watches for me

$upst $rblx $pton $nio

$pton gtfo baby

PELOTON GETS TWO TIMES ORDER BOOK FOR $750 MILLION LOAN SALE $PTON

what was that spike in $PTON?

$pton nice fails on news

Have love bear market pops. lots of range! > @Chano said: $PTON what a bounce!

$PTON what a bounce!

watchlist: $VERU, $RBLX, $PTON ...fairly quiet out there

JPMORGAN AND GOLDMAN BEGIN AN OFFERING OF $750 MILLION PELOTON LOAN. $PTON

my $PTON covers look worse @soheil.n I know you want the 👑for early covers, but it will take you hard work to take it out from my head

$PTON stopped out in the small remainder for BE, no regrets, the bast majority I covered for a decent profit

waiting for this trendline to break $PTON

$PTON holding the trend...covering along the line until it fails

wow really minimized the $PTON trade...thought the push will continue

2 main watches for me $VERU, $PTON

1st cover 15.2s, 2nd 15.0s and last quarter under 15 > @soheil.n said: ss $PTON

getting there... > @soheil.n said: $PTON - looking for 15.5 or a break of 15.0s

$PTON - looking for 15.5 or a break of 15.0s

$pton would love to have some edge, cautious of slow grind then speed up/ exhaust. honestly no edge but waiting for some. or 14.5 lvl which has held and formed up since articles

$PTON HOD test

I got a scalp on $PTON

$pton pushing pr for rowers lol

was so close to ss the 2nd time ..but trapped again off that 14.6s level...nhod incoming > @soheil.n said: out $PTON ...i think it may want to re-test the highs

out $PTON ...i think it may want to re-test the highs

ss $PTON 14.65s

$pton relative weakness unless it rips soon

hit a few 15 $pton will not size until 14.6 fails if it ever goes that way

starter on $pton room for 15

$pton nice push. waiting for fft

$pton $veru $ride so far

$GME $RIVN $PTON $SQSP

should of just played tqqq. annoyed with pton action trash

you still short $pton? @singletary

on the $PTON call

Ss $pton vs highs. tight stop relative strength and most likely crowded idea. may wait for a blow off or for it to fail to follow thru

$PTON bounce

Upgrades 5/11: $ARCT $ARWR $AZEK $CELH $CRON $DINO $EA $EGHT $FTNT $GO $HL $NOVT $PLNT $PTON $ROAD $RXT $TCBK $TREX . Downgrades 5/11: $ALR $ARRY $AVYA $BHVN $CS $CVNA $DBD $DMS $GLW $HYFM $INO $JNCE $KERN $KPLT $LDI $ONTF $PEGA $PTON $RKT $U $UPST $VFF

on its way $PTON > @Chano said: wouldn't be surprised to see a VWAP test before the day ends

$PTON looks like ran out of gas

$PTON - waiting for ss the fail confirmation at 13