Elon Musk, CEO of Tesla and Twitter, has expressed concern over the Federal Reserve’s recent decision to raise interest rates, stating that it could potentially go down in history as the “most damaging ever.”
He has called for the Fed to cut rates immediately, stating that it is increasing the likelihood of a severe recession in the United States.
Musk has also linked the Fed’s rate hikes to Tesla’s loss of market value, stating that the company is performing well, but that the real problem is the Federal Reserve’s actions.
This is not the first time that Musk has spoken out against the Fed’s interest rate increases, as he previously warned about the potential for a recession to be amplified if rates were raised again. The central bank has recently raised rates by 50 basis points following four consecutive 75-basis-point hikes.