The US Federal Reserve is raising interest rates too much, according to Musk.
When asked how his electric car company would fare in a potential recession, the world's richest person expressed little concern.
Musk said that they were very pedal to the metal when asked if they would make a car. We are not decreasing our production in any way.
The company reported adjusted earnings of $1.05 per share. Revenue came in at $21.45 billion, missing analysts' expectations of $21.96 billion. The company has lost a lot of money this year.
The Fed has been raising its benchmark interest rate to try and control inflation. On Wednesday, he continued with that topic.
If you are looking out the window, the Fed's decisions make sense.
Even though the cost of capital is going up, Musk thinks that the company is doing well as electric cars replace gas-powered cars.
It's foolish to buy a new gasoline car at this point because the residual value is going to be very low. We are in a very good position.
It isn't recession-proof but it is recession-resilient because the people of Earth have moved away from gasoline cars.
The CEO of the company commented on his acquisition of the social network. Even though he recently changed his mind and said he would follow through with his purchase agreement, he is still in a legal battle with the social media company.
The company has been stagnant for a long time but has incredible potential, according to Musk.
Musk said that the long-term potential for the company is greater than it is currently worth.
Gene Munster breaks down the results of the company.
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