CEO of Tesla, Elon Musk has taken to Twitter to reveal how the company is struggling to cope with inflation. He opined that the tension due to conflict between Russia and Ukraine resulted in a hike in commodity prices. Due to that, both Tesla and SpaceX are struggling to embrace the reality surrounding the inflation.
Best assets to hold according to Tesla CEO, Elon Musk
Furthermore, Elon Musk added that during this testing period, he won’t sell off his Doge Coin, Bitcoin, and Ethereum. He further opined that some assets are worth investing in at the moment, despite the inflation. He advised that owning a house, and buying shares in a company that makes good merchandises are the best forms of investment at the moment.
However, the discussion manifested after He uploaded a Financial Times article that talks about inflation. The writing illuminated how global merchandise values are likely to experience the largest weekly rally in the last 50 years. The writing cited the ongoing invasion of Ukraine by Russia as an immediate cause of the inflation.
Additionally, the United States of America consumer Price index also experienced a lofty inflation number. According to the United States of America Bureau of Labor Statistics, revealed that inflation is currently sitting at 7.9%. The highest the country has ever witnessed in many years back.
Elon Musk’s tweet incur the attention of Michael Saylor, the CEO of MicroStrategy. Saylor reacted that dollar consumer inflation will hit all-time highs, while asset inflation will reflect a double-fold of consumer inflation. He added that smaller currencies are likely to fall. While responding to Saylor’s submission, Elon musk revealed that Saylor’s opinion is as expected. Due to the reality that Saylor is a strong advocate for crypto, and his organization currently holds 125,000 BTC.
Elon Musk growth
Born in South Africa in 1972, Elon Musk attended a University in Canada before switching to the University of Pennsylvania. His journey to the top started when he established a payment platform, X. Com before selling it off to eBay Inc. He founded Tesla in 2004, his fortunes changed for good when Tesla’s shares sailed to over 740% in 2020. He’s a strong advocate of crypto and most especially Dogecoin.
Lastly, The Tesla CEO status as the World’s richest man manifested in January 2021. Ever since he has maintained the standard despite the increasing pressure from Jeff Bezos. Tesla is currently worth over $62 billion.