Even the uber-rich are on edge now about the economy.
Elon Musk and Jeff Bezos, two of the richest individuals on the entire world (who usually don’t concur on much of anything), are both signaling some tension about a rapidly approaching economic downturn.
Bezos earlier this week made a comment that it’s time to “batten down the hatches,” in a tweet that also included a clip of goldman sachs’ ceo saying there was a good chance of a recession on the horizon.
Yep, the probabilities in this economy tell you to batten down the hatches. https://t.co/SwldRdms5v
— Jeff Bezos (@JeffBezos) October 18, 2022
Musk, for his part, was a little more sanguine as he sought (unsuccessfully, in the end) to ease wall street’s concerns about tesla’s growth prospects. On a call with analysts wednesday night, musk struck a confident tone, saying the company has “excellent” demand for the next quarter and that factories are running at full speed.[irp]
But he acknowledged that the request was “a little more difficult” and noted that Europe and China were in a “recession”. Musk also warned that Tesla would miss its sales growth target.
Shares fell 7% in early trading Thursday, even as Tesla reported near-record earnings in the third quarter. Analysts and investors are increasingly concerned about Tesla’s ability to maintain growth in the face of logistical problems and rising inflation.
Musk and Bezos’ comments add to the line of powerful figures who fear a downturn in the economy. Earlier this month, JPMorgan Chase billionaire Jamie Dimon scared the entire stock market by saying a recession could hit the US within six to nine months.