Tesla CEO Elon Musk has a “super bad feeling” about US economy – Biden responds – Bitcoin News
Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the US economy. President Joe Biden responded with a list of major investments from large corporations and wished Musk good luck on his journey to the moon.
Elon Musk’s bad feeling about the US economy
Tesla chief Elon Musk said he had a “super bad feeling”[ads1]; about the US economy in an email to executives seen by Reuters.
The email, titled “Break All Employment Around the World,” was sent two days after Musk asked employees to return to work or leave. He also said he has to cut around 10% of employees at his electric car company.
Musk has recently warned that the US economy is either already in a recession or heading for one. However, the billionaire’s CEO of Tesla and Spacex believes that a recession is “a good thing”, saying: “It has rained money on idiots for too long. Some bankruptcies must happen.” He also estimated that the recession will last between 12 and 18 months.
Morgan Stanley analyst Adam Jonas believes Musk’s concerns should be addressed, and elaborates:
Elon Musk has a unique informed insight into the global economy. We believe that a message from him will carry high credibility.
Biden responds to Elon Musk’s comments
On Friday, President Joe Biden responded to Musk’s “super bad feeling” comment on the US economy.
“Well, let me tell you, while Elon Musk is talking about it, Ford is increasing their investment overwhelmingly,” Biden said, pulling out a note card from his jacket pocket.
“Ford is increasing its investment and building new electric vehicles, 6,000 new employees – union workers, I might add – in the Midwest. The former Chrysler Corporation, Stellantis, also makes similar investments in electric vehicles. Intel is adding 20,000 new jobs to computer chips, the president continued.
Biden concluded as he put the note card back in his jacket pocket:
So you know, good luck on your trip to the moon.
After Biden’s response, Musk tweeted, “Thank you, Mr. President!” His tweet included a link to an announcement that NASA chose Spacex to land the next Americans on the moon.
Musk is not the only one who has predicted that the US economy is heading for a recession. Big Short investor Michael Burry recently warned of a looming consumer recession. Goldman Sachs’ Lloyd Blankfein advised all companies and consumers 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, and is asking investors to prepare. One of the most horrible predictions came from the author Robert Kiyosaki of Rich Dad Poor Dad who said that markets are crashing and a depression and civil unrest is coming.
What do you think of Elon Musk’s comments and Biden’s response? Let us know in the comments section below.
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