Twitter CEO Raises Voice Against Fed’s ‘Foolish’ Interest Hikes
full version at coinedition
- Elon Musk stated that the depositor flight resulted from the Fed’s foolish interest hikes.
- Consequently, investors shift money from low-interest savings accounts to high-interest money market accounts.
- Musk’s statement was in response to Powell’s assurance that the investors’ deposits were safe.
Elon Musk, the CEO and owner of the American social media platform Twitter, commented that the depositor flight is significantly driven by the investors’ tendency to shift money from low-interest savings accounts to high-interest money market accounts, worsened by the “foolish rate hike.”
On March 23, the Twitter CEO shared a thread showcasing that the foolish interest hikes by the Federal Reserve would “worsen depositor flight.”
Interestingly, Musk’s tweet was in response to a post shared by the founder of the cryptocurrency Dogecoin Shibetoshi Nakamoto. The Dogecoin founder commented that “there’s li…
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