Elon Musk, the billionaire head of Tesla, Space X, and Twitter, on Thursday predicted a “serious recession” in 2023 and promised not to sell Tesla stock next year “under any circumstances.”
Speaking in a Twitter Spaces audio forum, Musk also assured investors Tesla hadn’t “skipped a beat on execution” since he took over Twitter. Twitter required an initial period of intense focus to get its “insane … costs under control” to stop it from going “flat bankrupt” next year, Musk said.
“I was still doing Tesla work during that time as well, by the way. And I think really Tesla has really not skipped a beat on execution,” he said. “The Tesla team is doing an incredible job across the board in execution.”
Tesla share prices fell further on Thursday over concerns about slowing demand for electric vehicles. Musk’s stock sales and focus on Twitter have also been blamed as a contributing factor, but Musk rejected this on Thursday, blaming the Federal Reserve’s interest rate increases.
Billionaire Elon Musk has warned against margin debt, per Bloomberg, citing the risks of “mass panic” in the stock market as a possible recession looms.
— unusual_whales (@unusual_whales) December 25, 2022
All of my signals are pointing to a BIG BLACK crash tomorrow. This menipulated Ponzi is going down. Monday will be worse.
— MasterTrader (@MasteredTrader) December 24, 2022
The 6-month decline in the US leading index has never been this large without a recession. pic.twitter.com/vfb13PptJe
— (((The Daily Shot))) (@SoberLook) December 23, 2022
Is Tesla just the warning sign that Apple, Amazon, Google and Microsoft are next? t.co/QrORlcfW2X
— Financelot (@FinanceLancelot) December 24, 2022
— Win Smart, CFA (@WinfieldSmart) December 24, 2022