Elon Musk Echoes Jack Dorsey's Concerns About Inflation

Tesla CEO Elon Musk has amplified the ongoing debate about inflation with a recent statement.  

While the centibillionaire refrained from making long-term predictions, he writes that there is “strong inflationary pressure” in the short-term in response to Ark Invest CEO Cathie Wood’s tweet about the declining velocity of money in the U.S.

I don’t know about long-term, but short-term we are seeing strong inflationary pressure

— Elon Musk (@elonmusk) October 26, 2021

Billionaires join the inflation debate

Last week, Twitter CEO Jack Dorsey caused quite a stir on Twitter after warning about imminent hyperinflation that is going to “change everything.”      

Federal Reserve Chairman Jerome Powell recently described high inflation as “frustrating,” but predicted that it would eventually cool off.

While members of the Bitcoin community were quick to praise the Twitter boss for once again vindicating their views, critics were quick to dismiss his ominous forecast as fearmongering.

Economist Steve Hanke, who’s known as a staunch cryptocurrency skeptic, slammed Dorsey for making such “irresponsible” comments. He pointed to the fact that no country in the world, including Venezuela, is currently experiencing hyperinflation. The billionaire replied with the “tears of joy” emoji.

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

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Musk’s net worth hits $289 billion

Musk’s recent comment on inflation come after his personal wealth skyrocketed to $289 billion thanks to the renewed Tesla rally.

On Oct. 25, the shares of the leading e-car maker surpassed the $1,000 level for the first time after car rental company Hertz announced that it would purchase 10,000 EVs from Tesla.

Yet, Musk is not the richest modern human. When adjusted for inflation, John D. Rockefeller’s fortune was $340 billion in today’s dollars, meaning that the Tesla boss has some catching up to do.