Tesla and Spacex CEO Elon Musk shares his views on a variety of topics, including crypto investing, why he’s backing the meme cryptocurrency Dogecoin, his “unresolved issues” in his Twitter acquisition, and the recent U.S. possibility of economic recession.
Elon Musk Talks Crypto Investing
Tesla CEO Elon Musk shared his thoughts on a wide range of topics in an interview with Bloomberg News’ John Micklethwaite at the Qatar Economic Forum on Tuesday.
Crypto investing was one of the topics discussed. Musk was asked if he thought people should still invest in cryptocurrencies given the downtown market. The Tesla CEO clarified that he never advised people to buy cryptocurrencies, saying:
I never said that people should invest in cryptocurrencies. In the case of Tesla, Spacex, and myself, we all do buy some Bitcoin, but it’s only a small percentage of our total cash holdings.
Musk responds to people encouraging him to buy and support Dogecoin
He then reiterated his intention keep supporting DOGE, declares:
I just know a lot of not-so-rich people who, you know, encouraged me to buy and support Dogecoin. I am responding to those people.
Recently, a litigation Lawsuits filed against Musk, Tesla, and Spacex for promoting Dogecoin. The lead plaintiff is a Dogecoin investor who lost money trading meme coins. He claimed that Musk and his company “participated in a crypto pyramid scheme (aka Ponzi scheme) through the Dogecoin cryptocurrency.”
Twitter deal stalled: There are ‘unresolved issues’
Musk also discussed some of the issues holding him back $44 billion Bid for Twitter. He acknowledged that there were still “unresolved issues” before the deal was completed.
Tesla CEO elaborates that in addition to waiting Resolution Questions about how many spam bots are on the big social media platforms:
The question is whether the debt portion of the round will come together and then shareholders will vote in favor.
He stressed that he would focus on “driving the product” on Twitter, but didn’t necessarily intend to be the social media company’s CEO. “Anyway, people need to do something to get most people to use Twitter,” Musk said, adding:
Ideally, I’d like to get 80% of North America’s users, maybe even…half the world, or end up on Twitter in one form or another.
Twitter claims bots make up less than 5% of total users. Musk argues that’s not how most people experience the service.
Near-term recession ‘more likely’
The SpaceX CEO was asked if he thinks the U.S. economy is headed for a recession. He replied:
Recession is inevitable at some point. As for whether there will be a recession in the near term, that is very likely.
Musk has shared his views on the recession a few times recently. In early May, he said the U.S. economy could be in a recession that could persist 12 to 18 monthsThat same month, he said, if we’re not already in a recession, we’re getting close. However, he noted that this is “It’s actually a good thing. “
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