Tesla Inc Chief Executive Elon Musk thinks a recession will last until the spring of 2024, he tweeted on Friday, after saying earlier this week that "a recession of sorts" in China and Europe was weighing on demand for its electric cars.
Musk's latest comments comes months after he sent an email to his executives in June ordering a hiring freeze and job cuts, making the email his most direct message on the risks of a recession. The billionaire has taken to Twitter several times in the recent past to share his thoughts on a possible recession.
When a Twitter user asked how long he thinks the recession would last, Musk said , "Just guessing, but probably until spring of '24." May 26 When asked by a Twitter user if he still thinks that "we are approaching" a recession, Musk replied, "Yes, but this is actually a good thing. It has been raining money on fools for too long. Some bankruptcies need to happen."
May 26 When a Twitter user asked how long he thinks the recession will last: "Based on past experience, about 12 to 18 months," Musk responded. "Companies that are inherently negative cash flow (ie value destroyers) need to die, so that they stop consuming resources. "
May 20 In response to a Twitter thread by former Meta Platforms CTO Mike Schroepfer, wherein he commented about a tech downturn and said, "Nobody can predict what is going to happen over the next 12 months but we haven't had a real bad tech downturn since 2000", Musk said "I 'member" and called the thread "accurate."
May 16 Remotely addressing the All-In Summit in Miami Beach, Musk said "I think we are probably in a recession and that recession will get worse." "It'll probably be some tough going for, I don't know, a year, maybe 12 to 18 months, is usually the amount of time that it takes for a correction to happen," he added. Dec. 30 In reply to a tweet asking Musk to predict when the next recession will be, the world's richest man said, "Predicting macroeconomics is challenging, to say the least. My gut feel is maybe around spring or summer 2022, but not later than 2023."
Nov. 30 In response to a report shared on Twitter, Musk said, "If a severe global recession were to dry up capital availability / liquidity while SpaceX was losing billions on Starlink & Starship, then bankruptcy, while still unlikely, is not impossible." "GM & Chrysler went BK last recession. 'Only the paranoid survive.' – Grove"