looming fears of an economic downturn has plagued Wall Street and the nation as a whole, and billionaire Elon Musk’s latest comments won’t help ease any worries.
in one interview with bloomberg At the Qatar Iconic Forum in Doha on Tuesday, the CEOs of Tesla and SpaceX talked about the potential for an upcoming recession.
“At some point a recession is inevitable,” he Told bloomberg news Editor-in-chief John Micklethwaite. Whether or not there is a recession in the near future is more likely… not sure, but it seems more likely not to happen.”
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In late May, Musk addressed the matter on Twitter when one of his followers asked him whether the billionaire thought America was approaching a recession.
“Yeah, but it’s actually a good thing. It’s been raining money on fools for too long. Some need to go bankrupt,” he said somewhat optimistically.
Musk then said he expected the economy to suffer for 12 to 18 months and noted that for this to happen, companies with negative cash flow needed to turn around so they “stop consuming resources.”
The billionaire CEO echoes comments made by JPMorgan Chase CEO Jamie Dimon that warned that a An economic “storm” was on the horizon earlier this month due to inflation and rising interest rates.
“We don’t know whether it’s minor or Superstorm Sandy,” he told a financial conference. “Better you take care of yourself.”
RELATED: Tesla Is Cutting 10% Workforce, Elon Musk Says He Has a ‘Super Bad Feeling’ About the Economy
Musk himself is feeling the pressure – in early June, he wrote an email to Tesla employees saying he had a “super bad feeling” about the state of the economy and that 10% of the company’s total workforce was plan to cut.
by the end of the year SEC filings Tesla was employing 99,290 people worldwide by the end of 2021.