Tesla and Spacex CEO Elon Musk expects a global recession to last until the spring of 2024. Musk added that his two companies are in good positions but many others are not. “Recessions do have a silver lining in that companies that shouldn’t exist stop existing,” the Tesla boss said.
Elon Musk on Global Recession
Tesla CEO Elon Musk shared his thoughts about a global recession in a Twitter thread Friday. The thread was started by Dogecoin co-creator Billy Markus who tweeted: “Coronavirus numbers are actually pretty low. I guess all we have to worry about now is the impending global recession and nuclear apocalypse.” Musk commented: “It sure would be nice to have one year without a horrible global event.”
Another Twitter user chimed in, asking Musk: “How long do you think the recession will last?” The Tesla boss replied: “Just guessing, but probably until spring of ’24.”
The same Twitter user followed up with the question: “How much worse do you think it will get? Like a little worse or a ton worse?” Musk replied:
Varies a lot. Tesla & Spacex are in good positions, but many other companies are not. Recessions do have a silver lining in that companies that shouldn’t exist stop existing.
During Tesla’s third-quarter earnings call on Wednesday, Musk said that “China is experiencing a recession of sorts” and “Europe has a recession of sorts driven by energy.” Meanwhile, “North America’s in pretty good health, although the Fed is raising interest rates more than they should, but I think they’ll eventually realize that and bring them down again,” he noted.
In August, Musk said that inflation has peaked but we will have a recession for 18 months .
Many people expect the U.S. economy to dip into recession. A recent survey shows that 98% of chief executives are preparing for a U.S. recession while 99% are preparing for a recession in the EU.
Goldman Sachs CEO David Solomon said this week that there is a good chance of a U.S. recession. JP Morgan Chase CEO Jamie Dimon recently warned that a recession could hit the U.S. economy in six months.
Renowned investor Jim Rogers believes that the recession will be the worst in his lifetime . Gold bug and economist Peter Schiff cautioned that the Federal Reserve’s action could lead to market crashes, massive financial crisis, and a severe recession.
Do you agree with Tesla CEO Elon Musk about a global recession? Let us know in the comments section below.
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