Elon Musk warned shareholders last night that a tough year for the global economy could disrupt Tesla. He urged them to ignore the stock exchange.
Tesla’s boss, Elon Musk, told the annual Tesla meeting in Texas that “this is going to be an extremely challenging year.” He warned that the electric carmaker was “not immune” to global economic conditions.
After questions about his workload, he denied that he would resign as chief executive of the company. Musk said, “It’s not so.” Musk also runs SpaceX, which is the rockets and satellites company; he bought Twitter for $44 billion last fall; and he has other businesses.
The billionaire claimed that his “best guess”, is that the global economic climate will improve in a year. He said that Tesla would then be in an “extremely good position”. He said, “Don’t worry about the market in the next year.” “If you see a dip in the market, then buy it,” he said.
Tesla’s shares are up 54 percent since the beginning of the year. At its peak, the group was valued at over $1 trillion.
Musk, when asked by a shareholder what he felt like after his purchase of Twitter, described it as a rollercoaster ride.
He claimed that the social media group dominating his schedule was a “short diversion” because he had to perform a major open-heart operation on Twitter in order to ensure company survival.
The amount of time Twitter is going to take in the future will be relatively small when compared with the last six month.
Musk said that Twitter was “in a completely different place” after cost cuts and thousands of layoffs. Linda Yaccarino is the new CEO, who will “do a fantastic job.”