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Tags: elon musk | twitter | recession | inflation | tesla | goldman sachs | nouriel roubini

Musk's Next Twitter Hurdles: Debt, Shareholder Vote

Musk's Next Twitter Hurdles: Debt, Shareholder Vote
Tesla and SpaceX Chief Executive Officer Elon Musk (AP)

By    |   Tuesday, 21 June 2022 05:57 AM EDT

Elon Musk says there are a few "unresolved matters" left on the table before he can seal his Twitter deal. "There is the question of, will the debt portion of the round come together, and then, will the shareholders vote in favor," Musk said in an interview Tuesday with Bloomberg at the Qatar Economic Forum.

The Tesla and SpaceX chief executive officer said a recession in the U.S. "is inevitable at some point. As to whether there is a recession in the near-term, that is more likely than not."

Musk clarified recent statements he has made about planned job cuts at electric carmaker Tesla. He said he will reduce its salaried workforce by roughly 10% over the next three months.

The cuts would amount to about a 3.5% reduction in total headcount at the company, Musk said. "We grew a very fast on the salaried side, grew a little too fast in some areas," Musk said.

Tesla's biggest challenges are supply chain disruptions, not rival electric vehicle manufacturers, Musk said: "Our constraints are much more in raw materials and being able to scale up production."

As to whether he would support Donald Trump in the 2024 U.S. presidential election, Musk said, "I'm undecided at this point on that election." He added that he might contribute a "non-trivial" amount to a super political action committee (PAC).

Recession Obsession

Like Musk, economist Nouriel Roubini and Goldman Sachs Group on Monday also warned of a looming U.S. recession. 

Goldman economists have raised their probability for a U.S. recession over the next 12 months from 15% to 30%, with a 25% conditional probability for a recession in the following year if it is avoided in the near term.

"We are increasingly concerned that the Fed will feel compelled to respond forcefully to high headline inflation and consumer inflatino expectations if energy prices rise further, even if activity slows sharply," Goldman said.

Roubini, CEO of Roubini Macro Associates, expects a U.S. recession by the end of 2022, citing weakening consumer confidence, retail sales, manufacturing and housing.

"We're getting very close," Roubini  said.

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StreetTalk
Elon Musk says there are a few "unresolved matters" left on the table before he can seal his Twitter deal. "There is the question of, will the debt portion of the round come together, and then, will the shareholders vote in favor," Musk said Tuesday.
elon musk, twitter, recession, inflation, tesla, goldman sachs, nouriel roubini
347
2022-57-21
Tuesday, 21 June 2022 05:57 AM
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