Tesla CEO Elon Musk Has "Super Bad Feeling" About US Economy — Biden Responds
Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden responded with a list of major investments by large corporations and wished Musk luck on his trip to the moon. Elon Musk’s Bad Feeling About the U.S. Economy
Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters.
The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. He also said he needs to cut about 10% of staff at his electric car company.
Musk has recently warned that the U.S. economy is either already in a recession or is headed towards one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “a good thing,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months.
Morgan Stanley analyst Adam Jonas believes that Musk’s concerns should be heeded, elaborating: Elon Musk has a uniquely informed insight into the global economy. We believe that a message from him would carry high credibility. Biden Responds to Elon Musk’s Comments
On Friday, President Joe Biden responded to Musk’s “super bad feeling” comment about the U.S. economy.
“Well, let me tell you, while Elon Musk is talking about that, Ford is increasing their investment overwhelmingly,” Biden said, pulling out a notecard from his jacket pocket.
“Ford is increasing their investment and building new electric vehicles, 6,000 new employees ― union employees, I might add ― in the midwest. The former Chrysler Corporation, Stellantis, they are also making similar investments in electric vehicles. Intel is adding 20,000 new jobs making computer chips,” the president continued.
Biden concluded while putting his notecard back into his jacket pocket: So, you know, lots of luck on his trip to the moon.
Following Biden’s response, Musk tweeted, “Thanks, Mr. President!” His tweet included a link to an announcement that NASA picked Spacex to land the next Americans on the moon.
Musk is not the only one who has predicted that the U.S. economy is headed towards a recession. The Big Short investor Michael Burry recently warned of a looming consumer recession. Goldman Sachs’ Lloyd Blankfein advised every company and consumer to prepare for a recession. Soros Fund Management CEO Dawn Fitzpatrick said a recession is inevitable. JPMorgan CEO Jamie Dimon sees an economic hurricane coming, telling investors to brace themselves. One of the most dire predictions came from Rich Dad Poor Dad author Robert Kiyosaki who said that markets are crashing and a depression and civil unrest are coming. Tags in this story Elon Musk, Elon Musk biden, Elon Musk economy, Elon Musk joe biden, Elon Musk president biden, elon musk recession, Elon Musk warning, Elon Musk’s super bad feeling
What do you think about Elon Musk’s comments and Biden’s response? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Soros Fund"s CEO: Recession Is Inevitable and Crypto Is Here to Stay ECONOMICS | 2 days ago JPMorgan CEO Jamie Dimon Warns of Incoming Economic Hurricane — Says "You Better Brace Yourself" ECONOMICS | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCaribbean Islands, Dubai, Mumbai — Bitcoin Cash Adoption Continues to Swell Worldwide Next articleRBI Official: Central Bank Digital Currencies Could Kill Cryptocurrencies Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method