Elon Musk Doubles Down on Recession Fears, Says It Is 'Inevitable' The billionaire spoke on the possibility of a looming recession at the Qatar Iconic Forum in Doha on Tuesday.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

Looming fears of an economic recession have plagued Wall Street and the country as a whole, and billionaire Elon Musk's latest comments will not help to ease any worry.

In an interview with Bloomberg at the Qatar Iconic Forum in Doha on Tuesday, the Tesla and SpaceX CEO spoke about the possibility of an upcoming recession.

"A recession is inevitable at some point," he told Bloomberg News Editor-in-Chief John Micklethwait. As to whether there is a recession in the near term, that is more likely than not … It is not a certainty, but it appears more likely than not."

Related: 'Bankruptcies Need to Happen': Elon Musk Sounds Off on Potential Economic Recession

In late May, Musk addressed the matter on Twitter after one of his followers asked him whether or not the billionaire thought the U.S. was approaching a recession.

"Yes, but this is actually a good thing. It has been raining money on fools for too long. Some bankruptcies need to happen," he said somewhat optimistically.

Musk then followed up by saying he expected the economy to suffer for 12 to 18 months and noted that companies with a negative cash flow needed to fold in order for this to happen so that they can "stop consuming resources."

The billionaire CEO echoes comments made by JPMorgan Chase CEO Jamie Dimon who warned that an economic "hurricane" was on the horizon earlier this month thanks to inflation and rising interest rates.

"We just don't know if it's a minor one or Superstorm Sandy," he said at a financial conference. "You better brace yourself."

Related: Tesla Is Cutting 10% of Workforce, Elon Musk Says He Has a 'Super Bad Feeling' About the Economy

Musk himself is feeling the pressure — in early June, he wrote an email to Tesla employees saying he had a "super bad feeling" about the state of the economy and planned to cut 10% of the company's total workforce.

As per an end of year SEC filing Tesla was employing 99,290 people worldwide by the end of 2021.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Career

What Is 'Task Masking'? Young Workers Retaliate Against Return-to-Office Mandates With a Viral Strategy.

Many professionals value the flexibility of remote work — and they're not reacting well to forced in-office returns.

Innovation

How to Transform Your Business Operations Through Process Innovation

Implementing an innovation management system enables businesses to drive continual improvement by systematically enhancing process maps, ensuring efficiency, compliance and sustainability.

Money & Finance

He's Helping College Athletes Navigate a Multi-Billion-Dollar Industry — But His Top Money Tip Can Help Anybody Grow Substantial Wealth

Michael Haddix Jr. saw his father, a former NFL player, struggle with money management after retirement. Now, he wants student-athletes to secure their financial futures.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Leadership

Most Startups Don't Fail Because of Ideas or Funding — Here's the Real Reason

People really make or break the start-up. Even the most promising project with a brilliant idea can crumble due to internal conflicts.

Social Media

How To Start a Youtube Channel: Step-by-Step Guide

YouTube can be a valuable way to grow your audience. If you're ready to create content, read more about starting a business YouTube Channel.