Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden replied with a list large-scale investments from large corporations. He wished Musk good luck as he travels to the moon.
Elon Musk’s Bad Feeling About the U.S. Economy
Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters.
The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. Musk also stated that he must reduce 10% of his staff from the electric car business.
Musk recently stated that either the U.S. is already in recession, or it is on its way to one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “a good thing,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months.
Morgan Stanley analyst Adam Jonas believes that Musk’s concerns should be heeded, elaborating:
Elon Musk’s unique insight into global economic affairs is unmatched. His message would be highly credible, according to us.
Biden Responds to Elon Musk’s Comments
On Friday, President Joe Biden responded to Musk’s “super bad feeling” comment about the U.S. economy.
“Well, let me tell you, while Elon Musk is talking about that, Ford is increasing their investment overwhelmingly,” Biden said, pulling out a notecard from his jacket pocket.
“Ford is increasing their investment and building new electric vehicles, 6,000 new employees ― union employees, I might add ― in the midwest. Stellantis, the former Chrysler Corporation made similar investments in electric vehicle. Intel is adding 20,000 new jobs making computer chips,” the president continued.
Biden finished his sentence while placing his notecard in his jacket pocket.
You know what that means: lots of luck for his journey to the Moon.
Following Biden’s response, Musk tweeted, “Thanks, Mr. President!” His tweet included a link to an announcement that NASA picked Spacex to land the next Americans on the moon.
Musk isn’t the only person who predicted that the U.S. would go into recession. Michael Burry, Big Short’s investor for the Big Short, recently predicted a coming recession in America. Goldman Sachs’ Lloyd Blankfein advised every company and consumer to prepare for a recession. Dawn Fitzpatrick CEO at Soros Fund Management stated that recession is likely. Jamie Dimon, CEO of JPMorgan sees an economic storm coming and advises investors to be prepared. Robert Kiyosaki, author of Rich Dad Poor Dad predicted that the markets would crash and there will be a depression as well as civil unrest.
What do you think about Elon Musk’s comments and Biden’s response? Comment below.
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