In His Appearance at the Qatar Economic Forum This Morning, the World’s Richest Man, Elon Musk, Discussed a Myriad of Important Topics, Including the Current Status of His Twitter Deal, Planned Layoffs at Tesla, the Likelihood of a U.S. Recession and the Possibility of Him Supporting Donald Trump in the 2024 U.S. Presidential Election
Elon Musk’s appearance at the Qatar Economic Forum featured an in-depth interview with John Micklethwait, Editor-in-Chief at Bloomberg News. During the interview, Musk also discussed current supply constraints, which the Tesla (NASDAQ: TSLA) CEO described as the biggest brake on Tesla’s growth.
Musk explained further, stating:
“Our constraints are much more in raw materials and being able to scale up production.”
Musk also touched on the subject of layoffs at Tesla, with the CEO commenting:
“Tesla is reducing its salaried workforce roughly 10% over the next three months or so. We expect to grow our hourly workforce. We grew very fast on the salaried side, grew a little too fast in some areas.”
As expected, Musk was pressed to give an update on the current status of his $44 billion Twitter acquisition, to which he stated that there are still a few “unresolved matters.”
Musk elaborated on the current state of the Twitter (NYSE: TWTR) deal, saying:
“There is the question of, will the debt portion of the round come together and then will the shareholders vote in favor.”
Also Read: Musk Threatens to Walk Away From Twitter Deal Over Bot Accounts Dispute
When the topic of a potential recession in the United States arose, Musk gave his opinion on the matter, claiming:
“[A U.S. recession] is inevitable at some point. As to whether there is a recession in the near-term, that is more likely than not.”
When asked whether he would put his support behind Donald Trump in the 2024 U.S. presidential election, Musk, who said he might put a “non-trivial” amount of money in a super PAC, answered:
“I’m undecided at this point on that election.”
Shares of Twitter closed Tuesday’s trading session at $38.91 per share, up +2.99% on the day. YTD TWTR stock is down -8.79%.
Learn more about Twitter: Website | Investor Deck | TWTR Chart
Shares of Tesla closed trading today at $711.11 per share, up +9.35% on the day. YTD TSLA stock is down -40.73%.
Learn more about Tesla: Website | Investor Deck | TSLA Chart
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