Home Business Elon Musk trades insults with Robert Reich over Tesla pay cuts

Elon Musk trades insults with Robert Reich over Tesla pay cuts

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Elon Musk didn’t mince phrases after Robert Reich, the Clinton-era labor secretary who now researches public coverage on the College of California, Berkeley, criticized the Tesla CEO over pay cuts earlier this 12 months and known as him a “modern-day robber baron.”

“All Tesla employees additionally get inventory, so their compensation elevated proportionately,” Musk mentioned on Twitter Wednesday in a response to Reich.

Musk’s internet value plunged as a lot as $16.3 billion Tuesday, the biggest single-day decline within the historical past of the Bloomberg Billionaires Index, as Tesla shares fell greater than 20% earlier than rebounding 6% on Wednesday. Even with this week’s rout, the corporate’s shares have greater than tripled for the reason that April pay cuts.

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