Tesla and Spacex CEO Elon Musk expects a global recession to last through the spring of 2024. Musk added that his two companies are in good shape, but many others are not. “Recessions have a silver lining in that companies that shouldn’t exist cease to exist,” the Tesla boss said.
Elon Musk on the global recession
On Friday, Tesla CEO Elon Musk shared his thoughts on a global recession in a Twitter thread. The thread was started by Dogecoin co-creator Billy Markus, who tweeted, “Coronavirus numbers are actually quite low. I guess all we have to worry about now is the impending global recession and nuclear apocalypse. Musk commented, “It would be nice to have a year without a horrible world event.”
Another Twitter user chimed in, asking Musk, “How long do you think the recession will last?” The Tesla boss replied: “I guess, but probably until spring 24.”
The same Twitter user followed up with the question, “How much worse do you think it’s going to get?” Like a little worse or a ton worse? Musk replied:
Varies a lot. Tesla and Spacex are in a good position, but many other companies are not. Recessions have a silver lining in the sense that businesses that shouldn’t exist cease to exist.
During Tesla’s third-quarter earnings call on Wednesday, Musk said that “China is in a kind of recession” and “Europe is in a kind of energy-fueled recession”. Meanwhile, “North America is in pretty good shape, although the Fed is raising interest rates more than it should, but I think they will eventually realize that and do them drop again,” he noted.
In August Musk said inflation had peaked but we would have a recession for 18 months.
Many people expect the US economy to plunge into recession. A recent investigation shows that 98% of business leaders are preparing for a recession in the US while 99% are preparing for a recession in the EU.
Goldman Sachs CEO David Solomon said this week that there was a good chance of a recession in the United States. JP Morgan Chase CEO Jamie Dimon recently warned that a recession could hit the US economy in six months.
Renowned investor Jim Rogers believes the recession will be the the worst of his life. The Gold Bug and Economist Peter Schiff warned that the action of the Federal Reserve could lead to stock market crashes, a massive financial crisis and a severe recession.
Do you agree with Tesla CEO Elon Musk on a global recession? Let us know in the comments section below.
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