Tesla CEO Elon Musk says the company needs to reduce its staff by approximately 10%.

Musk said that he has a “super bad feeling” about the economy, which drove his decision, Bloomberg has reported.

According to an email obtained by Reuters, Musk sent out a message on Thursday titled “pause all hiring worldwide.”

Bloomberg reported that Tesla shares plummeted nearly 5% following the news. The report added that Tesla employs approximately 99,290 employees around the world.

On Thursday, the New York Post reported that Musk’s sentiment is shared by a variety of executives, including JPMorgan Chase CEO Jamie Dimon, Goldman Sachs President John Waldron, and Carsten Brzeski, global head of macroeconomic research at Dutch-owned bank ING.

Earlier this week, Dimon addressed a possible recession and said that a “hurricane is right out there down the road coming our way.”

Brzeski added, “Musk’s bad feeling is shared by many people. … 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.”

Neither Musk nor a spokesperson for Tesla has spoken out about the contents of the latest message to staffers.