Tesla and Spacex CEO Elon Musk expects a worldwide recession to final till the spring of 2024. Musk added that his two firms are in good positions however many others are usually not. “Recessions do have a silver lining in that firms that shouldn’t exist cease present,” the Tesla boss stated.
Elon Musk on International Recession
Tesla CEO Elon Musk shared his ideas a few international recession in a Twitter thread Friday. The thread was began by Dogecoin co-creator Billy Markus who tweeted: “Coronavirus numbers are literally fairly low. I assume all we’ve to fret about now could be the upcoming international recession and nuclear apocalypse.” Musk commented: “It certain can be good to have one yr and not using a horrible international occasion.”
One other Twitter person chimed in, asking Musk: “How lengthy do you suppose the recession will final?” The Tesla boss replied: “Simply guessing, however in all probability till spring of ’24.”
The identical Twitter person adopted up with the query: “How a lot worse do you suppose it would get? Like just a little worse or a ton worse?” Musk replied:
Varies rather a lot. Tesla & Spacex are in good positions, however many different firms are usually not. Recessions do have a silver lining in that firms that shouldn’t exist cease present.
Throughout Tesla’s third-quarter earnings name on Wednesday, Musk stated that “China is experiencing a recession of types” and “Europe has a recession of types pushed by power.” In the meantime, “North America’s in fairly good well being, though the Fed is elevating rates of interest greater than they need to, however I feel they’ll finally understand that and produce them down once more,” he famous.
In August, Musk stated that inflation has peaked however we may have a recession for 18 months.
Many individuals anticipate the U.S. financial system to dip into recession. A current survey reveals that 98% of chief executives are making ready for a U.S. recession whereas 99% are making ready for a recession within the EU.
Goldman Sachs CEO David Solomon stated this week that there’s a good likelihood of a U.S. recession. JP Morgan Chase CEO Jamie Dimon not too long ago warned {that a} recession might hit the U.S. financial system in six months.
Famend investor Jim Rogers believes that the recession would be the worst in his lifetime. Gold bug and economist Peter Schiff cautioned that the Federal Reserve’s motion might result in market crashes, huge monetary disaster, and a extreme recession.
Do you agree with Tesla CEO Elon Musk a few international recession? Tell us within the feedback part under.
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