In an interview with Bloomberg on Tuesday, Musk said the U.S. economy will likely face a recession in the next year or two.
In the near term, a recession is likely, according to Musk.
When asked if a recession was inevitable, Musk replied that it was.
It is more likely than not that there will be a downturn in the near term according to the billionaire.
Musk said in an internal email that he had a bad feeling about the economy.
Musk said that the company plans to cut 10% of its staff over the next three months but that the hourly workforce will grow.
About 3% of the workforce will be laid off, according to Musk.
75.6%. According to a survey conducted by the Conference Board business research group, a majority of CEOs think they will face a recession by the end of the year. Several weeks before the Federal Reserve hiked interest rates, a survey was conducted.
The odds of a recession in the U.S. have been raised by a number of top business leaders. It was not likely that a deep or long recession would happen. JP Morgan CEO Jamie Dimon warned of an economic "hurricane" caused by the war in Ukraine and high inflation. The bank is prepared for bad outcomes. The CEO of Wells Fargo said in May that it will be hard to avoid a recession, but he did not think it would be a deep one. The Federal Reserve raised interest rates last week for the first time in 28 years. Data from the Labor Department showed that consumer prices in the US were at a 40-year high.
In an interview, Musk said that he is planning to spend around $25 million on a super PAC for the presidential elections in four years' time. The billionaire said he was not sure about supporting Trump.
Another major international bank predicts a recession in the U.S.
According to a survey, most CEOs think a recession will happen next year.
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