Tesla and Spacex CEO Elon Musk expects the global recession to last until spring 2024. Musk added that his two companies are in a good position, but many others are not. Said the Tesla boss, “The silver lining to the recession is that companies that shouldn’t exist will cease to exist.”
Elon Musk on the global recession
Tesla CEO Elon Musk shared his thoughts on the global recession in a Twitter thread on Friday. The thread was tweeted by Billy Markus, co-creator of Dogecoin.” Coronavirus numbers are actually quite low. I think what we need to worry about now is the impending global recession and nuclear apocalypse.” Mask commented.” It would certainly be nice to have a year without a horrible global event.”
Another Twitter user chimed in and asked Mask: “How long do you think the recession will last?”
The Tesla boss replied:” Just a guess, probably until the spring of ’24.”
Big difference Tesla& SpaceX is in a good position, but many other companies are not. The recession has the silver lining that companies that shouldn’t exist are ceasing to exist.
At Tesla’s third-quarter earnings call on Wednesday, Musk said that “China is experiencing a kind of recession” and “Europe is experiencing a kind of recession driven by energy.” On the other hand, he noted, “North America is pretty healthy, and the Fed is raising rates more than it should, but I think they will eventually realize that and lower them again.”
In August, Mask said, “Inflation has peaked, but we’re going to be in a recession for a year and a half.”
Many expect the U.S. economy to go into recession. According to a recent survey, 98% of CEOs are preparing for a U.S. recession, while 99% are preparing for an EU recession.
Goldman Sachs CEO David Solomon said this week that the U.S. is well on its way to a recession, while JP Morgan Chase CEO Jamie Dimon recently warned that a recession could hit the U.S. economy within six months.
Noted investor Jim Rogers believes the recession will be the worst in his lifetime. Gold bug and economist Peter Schiff warns that the Federal Reserve’s actions could lead to a market crash, a major financial crisis, and a severe recession.
Image credit: Shutterstock, Pixabay, Wiki Commons