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On the US Recession and Inflation, Elon Musk
On Monday's All-In episode, Elon Musk, the CEO of Tesla and SpaceX, discussed the state of the US economy.
Musk, when asked if the US economy is in a recession, said:
"We're undoubtedly in a recession, and it'll only get worse, but these things pass, and boom times will return... It'll definitely be difficult for a year, maybe 12-18 months."
He went on to say that a correction might take anywhere from 12 to 18 months. Fears of a recession have risen recently as the Federal Reserve tightens monetary policy to combat inflation.
Musk said that, in his perspective, recessions aren't always terrible, noting that he's experienced a couple throughout his time working for public firms. "What happens when you have a boom that lasts too long is that you have misallocation of capital — it simply begins showering money on idiots," he explained.
The Tesla CEO said that the increased prices were due to money printing:
"The true cause of inflation is that the government printed a billion dollars more than it had before... This isn't a particularly difficult situation."
Musk went on to say that nations like Venezuela have previously taken the same route.
The Tesla CEO is now negotiating the purchase of Twitter Inc. He made a $44 billion bid to the social media behemoth, which Twitter accepted. The agreement, however, has been put on hold.
Musk has also hinted that he would try to negotiate a cheaper price for Twitter, claiming that there are at least four times as many false accounts as the business claims. "You can't pay the same money for something that is far worse than they advertised," he said.
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