Tesla and Spacex CEO Elon Musk says that the U.S. economy is probably in a recession and it could be “tough going” for 12 to 18 months. He added: “The honest reason for inflation is that the government printed a zillion more money than it had.”
Elon Musk speaks out about the U.S. Recession and inflation
Elon Musk is the CEO and founder of Spacex and Tesla. He spoke on Monday’s All-In podcast.
Musk spoke out about whether or not the U.S. is currently in recession.
We probably are in a recession and that recession will get worse but these things pass and then there will be boom times again … It’ll probably be some tough going for, I don’t know, a year, maybe 12-18 months.
According to him, 12-18 months would be the ideal time frame for a correction. Recent inflation concerns have increased as the Federal Reserve has tightened monetary policy in an effort to cool down inflation.
Musk explained that in his opinion, recessions are not necessarily a bad thing, emphasizing that he’s been through a few of them in his time at public companies. “What tends to happen is, if you have a boom that goes on for too long, you get misallocation of capital — it starts raining money on fools, basically,” he described.
Tesla CEO Elon Musk noted that rising prices were due to money printing.
The honest reason for inflation is that the government printed a zillion more money than it had … This is not like, you know, super complicated.
Musk said that Venezuela was already on the same track.
Tesla CEO Elon Musk is in the middle a hostile takeover attempt to acquire Twitter Inc. Twitter agreed to his offer, which he offered for $44 billion. The deal has been put on hold.
Musk indicated that he could seek a lower price on Twitter. Musk stated that Twitter may have at least four more fake accounts than the company claims. He opined: “You can’t pay the same price for something that is much worse than they claimed.”
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