Per Business Insider

Elon Musk has previously commented about a recession coming, and now, he noted that a "mild recession" was "already here." He noted that although a "mild" recession was here, there could still be a "severe" recession coming.

This came after a few banks fell one after another, and Musk claimed that more Fed interest rate hikes would cause an even further downturn. The billionaire said that due to his companies' data, he had more insight than "anyone ever" with real-time insights into the economy.

The billionaire responded to a tweet by Larry Summers, a US Treasury Secretary, who predicted that there was a 70% chance of the recession tipping next year. Musk then shared his take on the recession.

Musk: "Mild recession is already here... Further rate hikes will trigger severe recession. Mark my words... It's not like just the canary in the coal mine (SVB) died, one of the staunchest miners (Credit Suisse) died too & the cemetery is filling up fast!"

Musk pointed out to the issues within the banking sector, with First Republic Bank being the most recent one to collapse. This comes as the Fed increased interest rates by 475 basis points over the past year.

The billionaire then gave a follow-up statement saying how he had more economic data compared to others.

Musk: "Between Tesla, Starlink & Twitter, I may have more real-time global economic data in one head than anyone ever,"

Recently, Musk reportedly earned $100,000 monthly from having almost 25,000 people at the time of the report paying $4 to subscribe to his Twitter profile. On April 13, Musk had a total of 24,700 subscribers.

Elon Musk also recently said it was "lawsuit time" regarding trading data from Microsoft. Recently, the company said that it would stop support for Twitter on its Microsoft Advertising platform on April 25, 2023.

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