With a recent comment, Tesla CEO Elon Musk has fueled the current discussion about inflation.
While Elon Musk avoided making long-term forecasts, he says that there is “significant inflationary pressure” in the short term in response to Ark Invest CEO Cathie Wood’s tweet regarding the diminishing velocity of money in the United States.
I don’t know about long-term, but short-term we are seeing strong inflationary pressure— Elon Musk (@elonmusk) October 26, 2021
Billionaires have weighed in on the issue of rising inflation
Following a warning from Twitter CEO Jack Dorsey last week about impending hyperinflation that will “alter everything,” the social media platform experienced a flurry of activity. Federal Reserve Chairman Jerome Powell recently termed rising inflation as “frustrating,” but he also anticipated that it will soon subside.
Even while some of the Bitcoin community applauded and applauded the Twitter CEO for once again vindicating their positions, detractors dismissed his dire prognosis as fearmongering.
Known as an ardent cryptocurrency critic, economist Steve Hanke chastised Dorsey for making such “irresponsible” statements about digital currency. According to him, hyperinflation is presently not occurring in any country on the globe, with the exception of Venezuela. A tear-filled emoji was used to respond by the millionaire.
There have been 62 certified hyperinflations in world history. At present, no country is experiencing hyperinflation. @jack should know better than to tweet irresponsible public statements. https://t.co/elNQdp1Zy2— Steve Hanke (@steve_hanke) October 23, 2021
Musk has a net worth of $289 billion dollars
Musk’s latest comments on inflation came after the revived Tesla rally boosted his personal worth to $289 billion.
After the auto rental business Hertz announced that it will acquire 10,000 electric vehicles from Tesla, Tesla’s stock topped $1,000 for the first time on Oct. 25.
Musk, though, is hardly the wealthiest person alive today. In today’s money, John D. Rockefeller’s fortune was $340 billion when adjusted for inflation, implying that Elon Musk has some catching up to do.
