Tesla CEO Elon Musk weighed in on inflation debate
Tesla CEO Elon Musk has amplified the ongoing debate about inflation with a recent statement.
While the billionaire refrained from making long-term predictions, he writes that there is “strong inflationary pressure” in the short term in response to Ark Invest CEO Cathie Wood’s tweet about the decline in the speed of money in the United States.
Billionaires join the inflation debate
Last week, Twitter CEO Jack Dorsey caused quite a stir on Twitter after warning about imminent hyperinflation that is going to “change everything.”
Federal Reserve Chairman Jerome Powell recently called high inflation “frustrating,” but predicted it would eventually subside.
While members of the Bitcoin community were quick to praise the Twitter boss for once again vindicating their views, critics were quick to dismiss his ominous forecast as fearmongering.
Economist Steve Hanke, who is known as a staunch cryptocurrency skeptic, criticized Dorsey for making such “irresponsible” comments. He pointed to the fact that no country in the world, including Venezuela, is currently experiencing hyperinflation. The billionaire replied with the “tears of joy” emoji.
Musk’s net worth reaches $ 289 billion
Musk’s recent inflation commentary comes after his personal wealth skyrocketed to $ 289 billion thanks to Tesla’s new rally.
On Oct. 25, the shares of the leading e-car maker surpassed the $1,000 level for the first time after car rental company Hertz announced that it would purchase 10,000 EVs from Tesla.
Yet Musk is not the richest modern human. When adjusted for inflation, John D. Rockefeller’s fortune was $ 340 billion in today’s dollars, which means the Tesla boss has some catching up to do.
