Elon Musk, Tesla founder and CEO, publicly commented on how long he thinks the global recession could last. Musk, who has a following of 112.6 million on twitter, responded to a tweet asking how long he thinks the recession would last, he said, “Just guessing, but probably until spring of ’24.”
If the IMF’s predictions are correct, Global GDP will decline to 3.2% this year and 2.7% in 2023, being the weakest pace of growth since 2001, outside of the financial crisis in 2008 and in the beginning of the Covid-19 pandemic. While we all know the pandemic has caused lasting effects, many corporate titans have commented on what think will happen to our economy in the coming years. Not only successful founders and CEO’s, such as Jeff Bezos and David Solomon, have voiced their opinions on the economy and a potential recession, but also high earning celebrities such as Cardi B. While influencers have shared their predictions about the future economy, their ideas and concern are all a bit different.
Musk also expressed that North America is in pretty good health overall, interest rates being slightly high by should be brought down. Despite worries of a recession, Brian Moynihan, Bank of America CEO, assures Americans should continue to spend freely as there isn’t any immediate concern of a recession.
https://www.cnbc.com/2022/10/21/elon-musk-says-a-global-recession-could-last-until-the-spring-of-2024.html
https://www.axios.com/2022/10/21/elon-musk-global-recession-jeff-bezos
I think this post begs an important question of whose opinions are of importance when talking about certain issues. For me personally, the credibility of Elon Musk is certainly lacking especially when just this week he came under federal investigation for giving false safety certifications regarding Tesla's new autopilot feature. I think he must be a genius because of his accolades but I personally don't trust what he posts on social media and that is the same for most "influencers" and celebrities. I do think this is a cool take though on the topic of inflation.
ReplyDeleteI think it's pretty interesting that Musk is able to give an accurate estimate on how long the economic recession can last because he's so infuential in the business world. I also found it interesting that he also said that The U.S. as well as North America is in pretty good health and that “A little bit of that is raising interest rates more than they should, but I think they’ll eventually realize that and bring back down, I think.”
ReplyDeleteIt is interesting that Musk and other influential public figures are commenting openly about the recession. Even though they may be correct, I think this commenting could cause an issue. Their opinions are very influential, and if they were not correct in their opinions, I do not think the public would not listen. It is important people are educating themselves before commenting, especially when they are in an influential position.
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