High inflation impacts SpaceX
Musk: "Better to own physical things in these cases, but I'm not selling my cryptocurrencies"
US entrepreneur Elon Musk has let investors know that two companies he founded, space company SpaceX and electric vehicle specialist Tesla, are facing high inflationary pressure, however he has no plans to sell his holdings in cryptocurrencies: Bitcoin, Ethereum and Doge Fwiw.
The difficulties of the two companies are of various kinds. They mainly concern the supply of raw materials and the logistics sector. Not forgetting the trend in consumer goods prices which rose by 7.9% in February. A situation not seen in 40 years. This inflation is causing great financial pressure on society.
In the United States it is impacting consumers and businesses. In fact, how people perceive future price movements can play a role in actual inflation and in determining how and when the Federal Reserve will raise interest rates. A report from the Federal Reserve Bank of New York estimates record inflation of 6 percent a year from now. More than 350 companies in the S&P 500 stock market index cited it as one of their problems last quarter. Musk's comments echo those of other major US industry groups.
AVIONEWS - World Aeronautical Press Agency