According to Elon Musk, the global economy will be in freefall until 2024.
In a tweet exchange on Thursday, Musk guessed how long the current economic slowdown may last. The prediction is consistent with others Musk has made this week, including his claim that many of the world’s top economies are already in recession. Consistent with the forecasts of other corporate magnates like Jeff Bezos and Jamie Dimon.
The idea for Dogecoin was first tweeted by its creator, Billy Markus. With the global crisis and nuclear disaster looming, Markus tweeted, “[O]h wow coronavirus counts are actually fairly low.”
In Musk’s words, “it surely would be fantastic to have one year without a terrible world catastrophe.”
The Twitter user @TeslaOwnersSV then inquired as to how long the slump had been ongoing.
Owners of Tesla vehicles in Silicon Valley have recently posed the question, “How long do you expect the recession to last?”
Musk claims it will happen by the spring of 2024.
How much worse do you think it will get? is a typical line of inquiry. In other words, it’s exactly what Silicon Valley’s Tesla-obsessed followers have been hoping for. More specifically, “How much worse? Much worse or somewhat worse?”
Musk neatly summed up how unlike they are by saying, “they do.” In contrast to the success of Tesla and SpaceX, many other companies are struggling or even closing their doors. Recessions can be seen as having a positive influence on the economy since they cause unsustainable enterprises to fail.
Musk used Twitter on Thursday to expand on his comments on the global economy he made during Tesla’s quarterly results calls on Wednesday. Following a query from Tesla shareholders about the global economy and its impact on the company’s operations in China, Musk stated that both China and Europe are experiencing “a recession of sorts driven by energy.”
Musk disagrees, saying North America is in a “very amazing condition,” although he did warn that the Federal Reserve is raising rates too swiftly and will eventually take a more even-handed approach.
Many individuals would share Musk’s concerns if a national or global economic crisis occurred. David Solomon, of Goldman Sachs, and Jeff Bezos, of Amazon, have both predicted a recession in the United States. Bezos remarked on Tuesday that his followers should “batten down the hatches” since the current economic climate “probabilities compel you to do just that.”
On Monday, JPMorgan Chase CEO Jamie Dimon foretold a global economic slump. In response to a question on the state of the European economy, Dimon replied, “definitely put the U.S. in some type of recession six to nine months from now.” A speaker at a CNBC event made this statement.
There has been much talk about an oncoming recession, but President Joe Biden and his staff have mostly ignored the warnings of business leaders. In an interview with a reporter this week at a Baskin Robbins in Gresham, Oregon, Biden proclaimed that the U.S. economy is “strong as Hell.” While inflation in the United States is high, it is far greater in many other countries, especially those in the developing world. The slow economic growth and inefficient policies of certain other countries are to blame, not any problems within their own borders.