Elon Musk Believes The Whole World Is About To Be In A Recession
Elon Musk has asserted that he thinks a recession will occur and last until about 2024, his assertions are based on various market indicators including slumping sales across multiple industries, widespread layoffs, and severe inflation.
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Elon Musk has made his opinion known in a recent Tweet about the possibility of a worldwide recession. According to Elon Musk, a recession is imminent and will last until the Spring of 2024. Musk is not the only person to express feelings regarding the possibility of a recession.
In a Twitter exchange last Friday between Elon Musk, Shiubetoshi Nakamoto, and a Twitter account called Tesla Owners Silicon Valley, Musk made his thoughts public regarding the possibility and length of a recession. Though his tweets are not fact, they are only his personal opinions, other corporate heavyweights and even financial experts have spoken on the likelihood of a recession ahead. The current economic status is unstable and the likelihood is that there will be a recession.
A recession is a business cycle contraction where there is an overall drop in activity within the economy. At the start of the Covid-19 Pandemic, there was a drastic plunge and has since been a rocky road. With the pandemic came a ripple effect of one issue after the other, causing a slump in sales across many sectors, including a slump in Tesla sales, which is owned by Elon Musk.
Tesla, the electric vehicle company that Elon Musk owns has recently warned of delivery shortages and missed the goal that was set for revenue. This comes at a time when many companies in all sectors are still recovering from supply chain issues and when most people are facing financial hardships due to inflation and other factors. Currently, the world is facing a nearly 100% chance of a global recession.
Energy prices are up, gas prices are up, housing costs have skyrocketed, and inflation is impacting nearly every single sector due to a number of reasons. Nearly all experts in the financial industry have an opinion similar to Elon Musk, saying that a recession will happen. With such a high probability of a global recession, one might ask what they can do to prepare and survive the impacts that will spill out into the world.
There are a number of factors that the average person can do to prepare for a recession. Some people might already be doing one thing, putting off major purchases such as a car or home purchase, hence the decline in car sales in the electric vehicle company owned by Elon Musk. Delaying a big purchase like this will definitely create breathing room during the time a recession hits.
Being smart with your money should be standard practice but is of even more importance with a looming recession. Consider putting more money into savings, decreasing spending, and reducing debt. Buckling down and sticking to a budget is of great importance and will pay off when times get tough during a likely global recession.
Elon Musks’ predictions regarding an upcoming global recession are not yet fact but should certainly be taken to the heart, as he is not the only one to have this opinion. Preparing couldn’t hurt and if Musks’ predictions come true, even in part, you’ll be thankful you took action to prepare.
