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Tesla and Spacex CEO Elon Musk shared his views on crypto investing, why he supports the meme cryptocurrency dogecoin, “loose ends” in the proposed Twitter acquisition, the near future US potential recession in the U.S. in the near future, and many other topics.
Elon Musk on crypto investing
Tesla CEO Elon Musk shared his thoughts on a wide range of topics in an interview with Bloomberg News’ John Micklethwait at the Qatar Economic Forum on Tuesday.
Crypto investing was among the topics discussed. Musk was asked if he thought people should still invest in cryptocurrencies given the thriving market. The Tesla CEO clarified that he has never recommended that people buy cryptocurrency, stating.
I have never said people should invest in crypto. In the case of Tesla, Space X, and myself, we have all purchased some bitcoin, but it is a small percentage of our total cash assets.
Musk responds to those encouraging him to buy and support Dogecoin
Musk proceeded to reveal why he supports the meme cryptocurrency dogecoin. First, he mentioned that Tesla accepts dogecoin for some of their products and that Spacex plans to do the same.
He then reiterated his intention to continue to support DOGE, stating.
I just know a lot of people who are not so wealthy and they have encouraged me to buy and support dogecoin. I’m responding to those people.
Recently, a lawsuit was filed over the promotion of dogecoin by Musk, Tesla, and Spacesex. The lead plaintiff was a dogecoin investor who lost money trading meme coins. He alleges that Musk and his company are “engaging in a crypto pyramid scheme (aka Ponzi scheme) by means of the dogecoin cryptocurrency.”
Twitter trading is stagnant. There are “unresolved issues”
Musk also mentioned several issues that stand in the way of the $44 billion acquisition of Twitter. He acknowledged that there are still some “unresolved issues” before the deal closes.
The Tesla CEO elaborated, other than waiting to resolve the issue of how many spam bots exist on the mega-social media platform.
There is a question of whether the debt portion of the round will come together and then whether shareholders will vote in favor.
He stressed that he will focus on “driving product” on Twitter, but does not necessarily plan to become CEO of a social media company.” In any case, one needs to take steps to entice most people to use Twitter,” Musk said, adding.
Ideally, 80% of North America, and perhaps …… half of the world or something, should eventually use Twitter in some form.
Twitter claims that bots represent less than 5% of all users; Musk argued that it is “not most people’s experience” on the service.
A short-term recession is “highly likely”
The CEO of SpaceX was asked if he thought the U.S. economy would fall into a recession. He replied.
A recession is inevitable at some point. As to whether we will have a recession in the near future, it is more likely.
Mr. Musk has expressed his views on recession several times recently: in early May, he said the U.S. economy was in a recession that would probably last 12 to 18 months. In the same month, he said that if we are not already in a recession, we are approaching one. But, he noted, that is “actually a good thing.”
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