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Recession could last until spring 2024

Tesla founder Elon Musk said Friday that he is “guessing” that a global recession could last until spring 2024.

Why it matters: Musk joins other notable industry titans in expressing concerns about the state of the economy and a potential economic downturn.

Details: Musk’s comments came in response to a tweet asking him how long a recession might last.

  • Musk replied, “Just guessing, but probably until spring of ’24.”

Earlier Friday, Dogecoin co-creator Billy Markus mentioned that current COVID-19 case numbers “are actually pretty low” and “all we have to worry about now is the impending global recession and nuclear apocalypse.”

  • “It sure would be nice to have one year without a horrible global event,” Musk replied.

Worth noting: Tesla recently reported its Q3 earnings, missing revenue expectations from analysts.

The big picture: Musk isn’t alone in noting concern about a potential recession.

  • Amazon founder Jeff Bezos said it’s time “to batten down the hatches” in preparations for an economic downturn.
  • JPMorgan Chase CEO Jamie Dimon told CNBC that the U.S. could face a recession in the next six to nine months.
  • Goldman Sachs CEO David Solomon told Reuters “there’s a reasonable chance of a recession in the U.S., but it’s not certain.”
  • High-earning celebrities such as actress Gwyneth Paltrow and rapper Cardi B have also expressed concern about the state of the economy and inflation, per CNN.

Yes, but: Bank of America CEO Brian Moynihan has suggested that Americans are still spending freely and there isn’t any immediate fear of a recession.

Go deeper: Markets and economists are increasingly certain of recession

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