Tesla CEO Elon Musk believes the US recession is likely. The world’s richest man said this in an interview with Bloomberg News Agency at the Qatar Economic Forum in Doha.

“At one point a recession is inevitable and a recession may occur in the short term. This is not a certainty, but it appears that it will happen more often than not,” Musk said. The millionaire said in an internal email to Tesla executives earlier this month that he had a “very bad feeling” about the economy.

To control the rising cost of living in the United States, the US Federal Reserve last week increased the rate of its interest rate hikes and the Federal Reserve announced its biggest interest rate hike since 1994. This has led to severe price losses on Wall Street and increased likelihood of a recession, which has further increased the pressure on US President Joe Biden.

Biden reiterated on Monday that the US recession was “inevitable” after talking to former Treasury Secretary Larry Summers. With economic growth stagnating and inflation high, the United States sees a good chance of suffering from stagnation in the summer.