Tesla CEO Elon Musk Has ‘Super Bad Feeling’ About US Economy — Biden Responds

Tesla and Spacex CEO Elon Musk says he has a “tremendous unhealthy feeling” concerning the U.S. financial system. President Joe Biden responded with an inventory of main investments by giant companies and wished Musk luck on his journey to the moon.

Elon Musk’s Bad Feeling About the U.S. Economy

Tesla CEO Elon Musk mentioned he has a “tremendous unhealthy feeling” concerning the U.S. financial system in an e mail to executives seen by Reuters.

The e mail, titled “pause all hiring worldwide,” was despatched two days after Musk advised workers to return to the office or depart. He additionally mentioned he wants to chop about 10% of workers at his electrical automotive firm.

Musk has not too long ago warned that the U.S. financial system is both already in a recession or is headed in the direction of one. However, the billionaire CEO of Tesla and Spacex believes {that a} recession is “a good thing,” 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 issues must be heeded, elaborating:

Elon Musk has a uniquely knowledgeable perception into the worldwide financial system. We consider {that a} message from him would carry excessive credibility.

Biden Responds to Elon Musk’s Comments

On Friday, President Joe Biden responded to Musk’s “tremendous unhealthy feeling” remark concerning the U.S. financial system.

“Well, let me let you know, whereas Elon Musk is speaking about that, Ford is rising their funding overwhelmingly,” Biden mentioned, pulling out a notecard from his jacket pocket.

“Ford is rising their funding and constructing new electrical autos, 6,000 new workers ― union workers, I would add ― within the midwest. The former Chrysler Corporation, Stellantis, they’re additionally making comparable investments in electrical autos. Intel is including 20,000 new jobs making laptop chips,” the president continued.

Biden concluded whereas placing his notecard again into his jacket pocket:

So, you already know, numerous 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 Americans on the moon.

Musk shouldn’t be the one one who has predicted that the U.S. financial system is headed in the direction of a recession. The Big Short 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 Management CEO Dawn Fitzpatrick mentioned a recession is inevitable. JPMorgan CEO Jamie Dimon sees an financial hurricane coming, telling buyers to brace themselves. One of essentially the most dire predictions got here from Rich Dad Poor Dad creator Robert Kiyosaki who mentioned 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? Let us know within the feedback part under.