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.