Musk said there could be a risk of mass panic in the stock market amid an uncertain global economic outlook.

(Reuters file photo)

[Financial Channel/Comprehensive Report] With the global economic instability, Tesla (Tesla) CEO Elon Musk (Elon Musk) warned against holding financing debt, because there may be a risk of mass panic in the stock market.

"I'd really advise people not to hold financing debt in a volatile stock market," Musk said Friday on the "All-In Podcast," adding that in a down market, some pretty extreme things can happen. things.

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When Musk previously spent US$44 billion (approximately NT$1.3 trillion) to acquire Twitter (Twitter), he paid out billions of funds out of his own pocket, and at the same time carried debts of US$13 billion (approximately NT$399.8 billion).

It is reported that Musk's bankers are considering financing loans secured by Tesla's stock to repay some of the high-interest debt.

Musk has previously mortgaged his Tesla shares. According to a document filed with the US Securities and Exchange Commission in April 2022, as of December 2020, Musk used 92 million Tesla shares as collateral.

Musk said the recession was long overdue and could be similar in size to 2009.

"Booms don't last forever, but recessions don't last forever either," he said.

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