The ongoing global recession could stretch for another year and a half, according to Tesla and SpaceX founder Elon Musk. The billionaire’s prediction came after Tesla Owners Silicon Valley, a Twitter account, asked Musk about how long could the recession last.
Responding to the question, the 51-year-old said on Friday, “Just guessing, but probably until spring of ‘24.” His remarks also came after Dogecoin co-creator Billy Markus wrote on Twitter that coronavirus figures “are actually pretty low. i [sic] guess all we have to worry about now is the impending global recession and nuclear apocalypse.”
Just guessing, but probably until spring of ‘24
— Elon Musk (@elonmusk) October 21, 2022
“It sure would be nice to have one year without a horrible global event,” Musk then replied. Tesla Owners Silicon Valley, an account with nearly 585,000 followers on Twitter, also questioned Musk “How much worse do you think it [ the recession] will get??” adding “Like a little worse or a ton worse ?”
Musk went on to answer the question by stating that the situation depends on the companies. He further shared that recessions, no matter how devastating they get, also come with a silver lining. “Varies a lot. Tesla & SpaceX are in good positions, but many other companies are not. Recessions do have a silver lining in that companies that shouldn’t exist stop existing,” he wrote.
Musk expresses faith in the US economy
Previously, Musk had expressed his confidence in the economy of the United States, as compared to other parts of the globe. “The U.S. actually is in — North America’s in pretty good health. A little bit of that is raising interest rates more than they should, but I think they’ll eventually realize that and bring back down, I think,” he said during an analyst call, CNBC reported.
He also made remarks on China and Europe, stating that while the former is in “quite a burst of a recession of sorts” due to the real estate market, the latter “has a recession of sorts, driven by energy.”