Tesla and Spacex CEO Elon Musk says he has a “tremendous unhealthy feeling” concerning the U.S. economic system. President Joe Biden responded with an inventory of main investments by massive companies and wished Musk luck on his journey to the moon.
Elon Musk’s Unhealthy Feeling Concerning the U.S. Financial system
Tesla CEO Elon Musk stated he has a “tremendous unhealthy feeling” concerning the U.S. economic system in an electronic mail to executives seen by Reuters.
The e-mail, titled “pause all hiring worldwide,” was despatched two days after Musk instructed workers to return to the office or go away. He additionally stated he wants to chop about 10% of workers at his electrical automobile firm.
Musk has not too long ago warned that the U.S. economic system is both already in a recession or is headed in direction of one. Nonetheless, the billionaire CEO of Tesla and Spacex believes {that a} recession is “ factor,” stating: “It has been raining cash on fools for too lengthy. Some bankruptcies have to occur.” He additionally estimated that the recession will final between 12 and 18 months.
Morgan Stanley analyst Adam Jonas believes that Musk’s considerations ought to be heeded, elaborating:
Elon Musk has a uniquely knowledgeable perception into the worldwide economic system. We imagine {that a} message from him would carry excessive credibility.
Biden Responds to Elon Musk’s Feedback
On Friday, President Joe Biden responded to Musk’s “tremendous unhealthy feeling” remark concerning the U.S. economic system.
“Effectively, let me inform you, whereas Elon Musk is speaking about that, Ford is growing their funding overwhelmingly,” Biden stated, pulling out a notecard from his jacket pocket.
“Ford is growing their funding and constructing new electrical automobiles, 6,000 new staff ― union staff, I would add ― within the midwest. The previous Chrysler Company, Stellantis, they’re additionally making related investments in electrical automobiles. Intel is including 20,000 new jobs making pc chips,” the president continued.
Biden concluded whereas placing his notecard again into his jacket pocket:
So, you realize, plenty of luck on his journey to the moon.
Following Biden’s response, Musk tweeted, “Thanks, Mr. President!” His tweet included a hyperlink to an announcement that NASA picked Spacex to land the following Individuals on the moon.
Musk will not be the one one who has predicted that the U.S. economic system is headed in direction of a recession. The Massive Quick investor Michael Burry not too long ago warned of a looming client recession. Goldman Sachs’ Lloyd Blankfein suggested each firm and client to arrange for a recession. Soros Fund Administration CEO Daybreak Fitzpatrick stated a recession is inevitable. JPMorgan CEO Jamie Dimon sees an financial hurricane coming, telling traders to brace themselves. Probably the most dire predictions got here from Wealthy Dad Poor Dad writer Robert Kiyosaki who stated that markets are crashing and a despair and civil unrest are coming.
What do you concentrate on Elon Musk’s feedback and Biden’s response? Tell us within the feedback part beneath.
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