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 massive firms and wished Musk luck on his journey to the moon.
Elon Musk’s Unhealthy Feeling In regards to the U.S. Financial system
Tesla CEO Elon Musk stated he has a “tremendous unhealthy feeling” concerning the U.S. financial system in an electronic mail to executives seen by Reuters.
The e-mail, titled “pause all hiring worldwide,” was despatched two days after Musk informed employees to return to the office or depart. He additionally stated he wants to chop about 10% of employees 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. Nonetheless, the billionaire CEO of Tesla and Spacex believes {that a} recession is “a great 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 issues needs to be heeded, elaborating:
Elon Musk has a uniquely knowledgeable perception into the worldwide financial 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. financial 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 workers ― union workers, I’d add ― in the midwest. The previous Chrysler Company, Stellantis, they’re additionally making comparable 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 recognize, a lot 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 subsequent People 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 Massive Brief investor Michael Burry not too long ago warned of a looming shopper recession. Goldman Sachs’ Lloyd Blankfein suggested each firm and shopper 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. One of the crucial dire predictions got here from Wealthy Dad Poor Dad writer Robert Kiyosaki who stated that markets are crashing and a melancholy and civil unrest are coming.
What do you concentrate on Elon Musk’s feedback and Biden’s response? Tell us in the feedback part under.
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