Oct 21, 2022 - Economy & Business

Elon Musk: Global recession could last until spring 2024

Tesla CEO Elon Musk looks up as he addresses guests in Norway.

Tesla CEO Elon Musk looks up as he addresses guests in Norway. Photo: Carina Johansen/NTB/AFP via Getty Images

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.

Go deeper: Markets and economists are increasingly certain of recession

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