Are We In a Recession? Elon Musk Says We Are

Are We In a Recession? Elon Musk Says We Are

Tesla CEO and on again, off-again Twitter buyer Elon Musk says we are now in a recession.

At a Miami "All In" tech conference on Monday, Musk said that the U.S. is already in a recession and that he believes it could last anywhere from a year to 18 months.

"Recessions are not necessarily a bad thing," he said via video. "I've been through a few of them. And what tends to happen is if you have a boom that goes on too long, you get a misallocation of capital. It starts raining money on fools, basically."

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The United States is now suffering from the worst inflation in 40 years.

Musk is the richest man in the world. Forbes says he is worth $221 billion -- down more than $40 billion in the past few months.

In April, Goldman put the odds of a recession coming to roost in the U.S. at 38%. "More recently, the bank said the risk of a recession is “rising,” as inflation continues to sit at a four-decade high and the Federal Reserve attempts to engineer its way towards a “soft landing” for the economy—wherein inflation is reined in without causing a significant drop in economic activity or a jump in unemployment," reported Fortune.