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Even the ultra-wealthy are nervous about the economy at the moment.
Elon Musk & Jeff Bezos, 2 of the richest individuals on the globe (who often don’t agree on anything much), are indicating some stress about a potential economic downturn in the near future.
Bezos made the statement earlier this week that it is time to “batten down the hatches” in a tweet that contained a video of the CEO of Goldman Sachs indicating a strong likelihood of a recession just on the horizon. The video was included in the post.
Musk, for their part, was a touch more upbeat as he attempted (ultimately unsuccessfully) to alleviate Wall Street’s fears about Tesla’s growth prospects. Wall Street has been concerned about Tesla’s ability to continue its rapid expansion. During a call with investors on Wednesday night, Elon Musk struck an upbeat and optimistic tone. He said that the firm has “great” demand for the coming quarter and that all its plants are operating at full capacity.
However, he acknowledged that demand was “a bit tougher” to find, and he pointed out that China and The united states are now going through a “recession of sorts.” Musk also cautioned that Tesla would not meet its goal for the company’s sales growth.
Despite Tesla having posted a near-record profit for the third quarter, the company’s shares were down 7% in early trade on Thursday. Investors and analysts are becoming more concerned about Tesla’s capacity to maintain its expansion in the face of challenges associated with logistics and an increase in inflation.
The statements made by Musk and Bezos are the latest to join a growing chorus of influential people who are concerned that the world is about to take a change for the worse. At the beginning of this month, Jamie Jpmorgan, the billionaire boss of JPMorgan Chase, said that a recession might reach the United States within as little as six to nine months, which sent a shiver down the spine of the whole stock market.
Gwyneth Paltrow, who is not a billionaire but quite wealthy, is having trouble sleeping.
This week, she expressed her frustration with the state of the economy to the Hollywood Reporter. “I’m simply concerned about what the following year will bring, namely how severe the recession will get.”
Theodore Powell and Jerome Beyonce went their separate ways.
The new song by Beyoncé is an ode for those who have resigned from their positions.
There are also comments from other famous people. Cardi B, a popular rapper, vented her frustrations over rising interest rates and inflation a month ago. “What are people doing to stay alive? I am curious about it.
Researchers have recently estimated a little more than a 98% chance of a worldwide recession. This is a valid concern.
