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TOPLINE
Tesla CEO and billionaire Elon Musk said the U.S. economy will likely face a recession in the near term in an interview with Bloomberg on Tuesday, echoing concerns raised by several other top business leaders and financial institutions following the Federal Reserve’s recent, steeper-than-expected hike in key interest rates. 
Musk said a recession was inevitable and likely to happen in the near term. GETTY IMAGES
KEY FACTS
Speaking at the Qatar Economic Forum, Musk said a recession is “inevitable at some point,” when asked to respond to President Joe Biden’s contention that it was not inevitable. The billionaire said although not a certainty, it is “more likely than not” that a downturn is coming in the near term, without offering a specific timeline. Previously, in an internal email to Tesla executives, Musk said he had a “super bad feeling” about the economy as he called for layoffs in the company. When asked about layoffs at Tesla, Musk said the company plans to slash 10% of its salaried workforce over the next three months but reiterated that the headcount of the hourly workforce will grow. In total Musk said he expects about 3% of Tesla’s overall workforce will be laid off. |
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