Elon Musk predicts recession will last until the 2024 spring 

On Friday, Chief Executive of Tesla Elon Musk tweeted that the ongoing recession will last until the spring of 2024.

​”Just guessing, but probably until spring of ’24,” Musk said on Twitter as he commented on Dogecoin creator Billy Markus’s tweet, who punned over the ongoing situations as “impending global recession,” and “nuclear apocalypse.” 

In June this year, the CEO of SpaceX feared having a “super bad feeling” about the tumbling and weakening economy and also about Tesla needing to lay off about 10% of its staff. Later, he said the reduction would apply only to salaried workers.

Musk earlier warned an analyst on a conference call that the economic weakness in China and Europe was causing demand to be “a little harder” than it otherwise would be. However, he said that his car company has “excellent demand” for the current quarter. 

Production problem in Musk’s Tesla

Tesla Inc. has seen a stumble in its share on Thursday, which is just after the day Musk calculated that it was a “little harder” for electric-vehicle makers amassing the demand amid the current global economic situation.

Billionaire took a U-turn on demand during July’s conference call with the analyst, adding that macroeconomic uncertainty might have some impact on demand for its electric vehicles at first, but cleared that the company did not have a demand problem but a production problem.

Notably, Musk’s The Boring Company announced that it would allow its customers to buy products using Dogecoins, as TheCoinRise reported.  

While Musk previously said that the crypto industry is indestructible, the recent tweet continues the discussion over the recession as some organizations argue that the world is still a little away from its recession period. However, some advise to be prepared as the rise in the interest rates by Federal Reserve ultimately will lead the world to recession in near future.