Elon Musk says recession is ‘a good thing,’ billionaires make people ‘happy’

Elon Musk says recession is ‘a good thing,’ billionaires make people ‘happy’

May 30, 2022
Elon Musk said in a series of tweets last week that it is “morally wrong and dumb” to use the word “billionaire” as a pejorative and that a possible recession is “a good thing” because it could affect unproductive work-from-home employees.
The comment about billionaires came after Musk, 50, opened a poll on Twitter on Friday and asked his 95.7 million followers who they trust less: politicians or billionaires. The results of the poll, which 3,399,953 people participated in, showed that 75.7% of respondents trust politicians less, while 24.3% of respondents trust billionaires less.
View post on Twitter
In another tweet on Friday, the Tesla and SpaceX CEO said it is “morally wrong and dumb” to use the word “billionaire” as a pejorative, adding, “If the reason for it is building products that make millions of people happy.”
View post on Twitter
Subscribe to
NextShark's Newsletter

A daily dose of Asian America's essential stories, in under 5 minutes.

Get our collection of Asian America's most essential stories to your inbox daily for free.

Unsure? Check out our Newsletter Archive.

View post on Twitter
Musk also tagged Rep. Alexandria Ocasio-Cortez (D-NY, 14) in one of the replies to his poll, daring the politician to start her own poll with her followers. The New York representative reportedly told Bloomberg earlier this month that she would like to replace her Tesla with an electric vehicle manufactured by workers who push for unionization, a process that Musk has expressed great disapproval of in the past.
A union is just another corporation,” Musk tweeted on Friday. “Far better for many companies to compete for your skills, so that you have maximum optionality.”
View post on Twitter
In addition to his pro-billionaire thread, Musk expressed his thoughts about the country heading for a recession, claiming that “this is actually a good thing.”
It has been raining money on fools for too long. Some bankruptcies need to happen,” Musk added. “Also, all the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard. Rude awakening inbound!”
View post on Twitter
Replying to another Twitter user who asked how long the recession would last, Musk wrote, “Based on past experience, about 12 to 18 months. Companies that are inherently negative cash flow (i.e. value destroyers) need to die so that they stop consuming resources.”
View post on Twitter
Musk’s tweets came right after the World Economic Forum occurred in Davos, Switzerland, from May 22 to 26. During the event, several world leaders, CEOS, journalists, investors and others gather to discuss wide-ranging problems, from economy-related issues to climate change.
      Bryan Ke

      Bryan Ke is a Reporter for NextShark




      Many people might not know this, but NextShark is a small media startup that runs on no outside funding or loans, and with no paywalls or subscription fees, we rely on help from our community and readers like you.

      Everything you see today is built by Asians, for Asians to help amplify our voices globally and support each other. However, we still face many difficulties in our industry because of our commitment to accessible and informational Asian news coverage.

      We hope you consider making a contribution to NextShark so we can continue to provide you quality journalism that informs, educates, and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for supporting NextShark and our community.

      © 2023 NextShark, Inc. All rights reserved.