Tesla and Spacex CEO Elon Musk expects the global recession to last until spring 2024. Musk added that his two companies are in good positions, but many others are not. “Recessions have a silver lining in the sense that companies that shouldn’t exist cease to exist,” the Tesla boss said.
Elon Musk on the global recession
Tesla CEO Elon Musk shared his thoughts on a global recession in a Twitter thread on Friday. The thread was started by Dogecoin co-creator Billy Markus, who tweeted: “The 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 a year without a horrible world event.”
Another Twitter user chimed in, asking Musk, “How long do you think the recession will last?” The Tesla boss replied: “I only guessed, but probably until the spring of 24.”
The same Twitter user followed up with the question: “How much worse do you think it will be? Like a little worse or a lot worse? Musk replied:
It varies a lot Tesla and Spacex are in good positions, but many other companies are not. Recessions have a silver lining in that companies that shouldn’t exist cease to exist.
During Tesla’s third-quarter earnings call on Wednesday, Musk said that “China is experiencing a kind of recession” and “Europe is having a kind of energy-driven recession.” Meanwhile, “America is in very good health, although the Federal Reserve is raising interest rates more than they should, but I think they will eventually figure that out and lower them again,” he noted.
In August, Musk said that inflation had peaked but that we will have a recession for 18 months.
Many people expect the US economy to slip into recession. A recent survey shows that 98% of CEOs are preparing for a recession in the US, 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 US recession. JP Morgan Chase CEO Jamie Dimon recently warned that a recession could hit the US economy in six months.
Renowned investor Jim Rogers believes the recession will be the worst of his life. Economist and gold lover Peter Schiff has warned that the Fed’s action could lead to a market crash, a 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.
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