Musk, CEO of Tesla and SpaceX, and the world’s richest particular person, stated it was higher to personal bodily issues as a substitute of US {dollars} when inflation was operating excessive. He appeared to make an exception for cryptocurrencies, although.
In a Twitter thread discussing inflation, Musk stated: “As a basic precept, for these on the lookout for recommendation from this thread, it’s usually higher to personal bodily issues like a house or inventory in firms you assume make good merchandise, than {dollars} when inflation is excessive.”
He added: “I nonetheless personal & will not promote my Bitcoin, Ethereum or Doge fwiw.”
Tesla and SpaceX had been “seeing important current inflation stress in uncooked supplies & logistics,” Musk said Monday.
Musk announced in Could 2020 that he deliberate to promote “virtually all” his bodily belongings, together with his multimillion-dollar property portfolio. He soldhislast remaining home in December 2021.
The billionaire entrepreneur is an advocate of cryptocurrencies, albeit with caveats. He is repeatedly voiced support for dogecoin and mentioned the deserves of crypto with main figures from the tech trade.
Tesla’s share worth has fallen about 35% this yr, sending Musk’s fortune down by a few quarter – however he is nonetheless the richest particular person on the planet, with a web price of round $206 billion, in response to the Bloomberg Billionaires Index.
Commodity costs had been already on the upswing on the again of supply chain disruptions as the worldwide economic system recovers from the pandemic. Russia’s invasion of Ukraine final month added to supply-side strains to the energy, metals, and grains markets, as a result of each international locations are main suppliers.
