Elon Musk is the CEO of Spacex, Tesla and Elon Musk predicts a global recession that will continue until spring 2024. Musk stated that Musk’s two companies were in good financial positions, but others are not. “Recessions do have a silver lining in that companies that shouldn’t exist stop existing,” the Tesla boss said.
Elon Musk speaks out on the Global Recession
Elon Musk, Tesla CEO, shared his thoughts on global recessions in a thread that he started 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:
Variable. 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.
Musk stated in August that the inflation had peaked, but there will be a 18-month recession.
People expect that the U.S. will fall into recession. Recent surveys show that 98% are planning for the U.S. economy to go into recession, while only 99% plan for an EU recession.
David Solomon, Goldman Sachs CEO, said that there’s a high chance of the U.S. going into recession. Jamie Dimon from JP Morgan Chase warned recently that the U.S. might be facing a recession in six months.
Jim Rogers is a respected investor who believes this recession will prove to be one of the worst in human history. 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.
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