Billionaire Elon Musk, in a Twitter exchange, said he thinks the U.S. is approaching a recession but that "this is actually a good thing. It has been raining money on fools for too long. Some bankruptcies need to happen."

Musk predicts that if there is a recession, it will last 12 to 18 months, Fox Business reports. "Companies that are inherently negative cash flow (ie value destroyers) need to die, so that they stop consuming resources," the Tesla and SpaceX CEO tweeted.

Musk slammed work-from-home protocols adopted during the COVID-19 pandemic for making some American workers soft.

"All the COVID stay-at-home stuff has tricked people into thinking that you don't actually need to work hard," Musk went on to say. "Rude wakening inbound!"