Elon Musk, the CEO of Tesla and prospective owner of Twitter, said that a recession would be good for the U.S. economy and that bankruptcies need to happen.
"Money has been raining on fools for too long," Musk said in a tweet this week. "Some bankruptcies need to happen."
He also made critical comments about the effect that the COVID pandemic has had on Americans' work ethic.
"Also, all the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard," he said in the same tweet. "Rude awakening inbound!"
The possibility of an American recession has seemed more likely due to inflation and other factors. Deutsche Bank predicted a recession would hit the U.S. in 2023 after the Federal Reserve hiked interest rates.