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Mutual Fund and ETF data provided by Refinitiv Lipper.

Tesla told employees Tuesday it is shutting down its San Mateo, California, office and cutting 200 jobs there as part of the electric vehicle manufacturer's efforts to reduce its workforce to save money.

Reuters reported that Musk told his executives to "pause all hiring worldwide." Musk's directive comes amid growing concerns about a possible recession.

A Tesla vehicle drives past a Tesla's factory.

"Both Berlin and Austin factories are gigantic money furnaces right now," Musk said at the time.

Market data provided by Factset

Mutual Fund and ETF data provided by Refinitiv Lipper