Musk Says Auto Loans Could Be Source of ‘Biggest Financial Crisis Ever’

Musk Says Auto Loans Could Be Source of ‘Biggest Financial Crisis Ever’
Tesla CEO Elon Musk speaks during the official opening of the new Tesla electric car manufacturing plant near Gruenheide, Germany, on March 22, 2022. Christian Marquardt/Pool/Getty Images
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The automotive financing market may be under stress as several experts call for a massive wave of repossessions in early 2023, with prominent figures such as Tesla founder Elon Musk and Ark Invest’s Cathie Wood sounding the alarm about the potential effects on financial markets.

“Potentially the biggest financial crisis ever,” Musk posted on Twitter on Dec. 16 in response to a tweet by Wood and a series of tweets from the CEO of a car dealer group about the potential auto loan crisis.