Elon Musk says global recession could last until spring 2024

Tesla and Spacex CEO Elon Musk expects a global recession to last until the spring of 2024. Musk added that his two companies are in a good position but many others are not. “Recessions have a silver lining in 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, “Coronavirus numbers are actually pretty low. Guess we only have to worry about the impending global recession and nuclear apocalypse.” Musk commented, “It would be really nice to have a 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, “I’m just guessing, but probably until spring 24“.

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The same Twitter user went on to ask the question, “How much worse do you think it will get? Like a little worse or a ton worse?“Musk replied:

It varies a lot. Tesla &Spacex are in a good position, but many other companies are not. Recessions have a positive side in that companies that should not exist cease to exist.

On Tesla’s third-quarter earnings conference call Wednesday, Musk said that “China is experiencing some sort of recession” and that “Europe is experiencing a kind of energy recession“. Meanwhile, “North America is in pretty good shape, even though the Fed is raising interest rates more than they should, but I think they will eventually figure it out and lower them again” he noted.

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In August, Elon Musk said that inflation had peaked but that we would be in a recession for 18 months.

Many people expect the U.S. economy to plunge into recession. A recent survey shows that 98% of business leaders 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 the U.S. will enter a recession. JP Morgan Chase CEO Jamie Dimon recently warned that a recession could hit the U.S. economy in six months.

Renowned investor Jim Rogers thinks the recession will be the worst in his lifetime. Goldman and economist Peter Schiff warned that the Federal Reserve’s action could lead to stock market crashes, a massive financial crisis and a severe recession.

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