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

  • 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.
  • The claims came after Musk, 50, opened a poll on Twitter on Friday to ask his 95.7 million followers who they trust less: politicians or billionaires.
  • 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 wrote. “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!”

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.

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.”

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.”

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!”

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.”

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.

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