The world’s richest man has hailed the recession as a ‘good thing’

Elon Musk has accused many ‘fools’ of being rich

Elon Musk, the world’s richest man, tweeted in praise of the US-led recession in response to a follower’s question, suggesting it was a “Good thing“Reason”It has been raining money on fools for a long time“He blamed”Covid-19 is the thing to stay at home“For”Cunning“People think they can make money without” hard work. “Rude awakening

Doubling his appreciation for the early economic collapse, Musk elaborated on his philosophy in response to another follower’s tweet, “Companies that inherently have negative cash flows (e.g. value destroyers)“Per”Die, so that they stop eating wealth

It is unknown at this time what he will do after leaving the post. Its own electric car company, Tesla’s huge market capitalization was built primarily on government green energy subsidies.

Although it has become profitable, it certainly did not start that way. Twitter too – which Musk agreed to buy for $ 44 billion earlier this month – has recouped losses every year from its operations, except in 2018 and 2019.

Musk seems to be aware of Twitter’s lucrative problems until the percentage of bots and spam accounts falls below 5%, with the social media platform halting the acquisition deal. With just 217 million “MonetizableThe user platform on which the ad is displayed has no resemblance to Twitter or Facebook, financially speaking – Mark Zuckerberg’s social network has 1.93 billion subscribers, although its own revenue is declining. However, Musk gave some hints as to how he plans to make Twitter profitable.

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File photo: Elon Musk introduces Cybertrack at Tesla Design Studio in Hawthorne, California on November 21, 2019. AP / Ringo HW Chiu
Twitter investors have sued Elon Musk

In his tweet, the CEO of SpaceX predicted that the economic downturn would continue.About 12 to 18 monthsAfter announcing in a live-streamed appearance at the All-In-Summit in Miami Beach that the U.S. economy was “Probably“In recession.

The United States has plunged into recession since the state and federal governments imposed economic shutdowns on almost all business sectors due to the Covid-19 epidemic, and these policies have printed trillions of dollars in an effort to fill the financial gaps created.

Extensive unemployment and debt for distressed businesses also contributed to the economic black hole that engulfed the economic gains made in the early years of the Trump administration, with many working-age Americans choosing to stay at home instead of returning to work, which they considered degrading. Or inadequately profitable, when rising commodity prices due to the US response to Russia’s invasion of Ukraine serve as the cherry on top of the depression.

Inflation has reached record highs – at 8.3%, more than four times the Federal Reserve’s 2% – and the United States is shaking up economically unknown areas. The Fed has repeatedly raised interest rates and agreed to do so again at its policy meeting earlier this month, predicting further increases in June and July.

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