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Regarding Buffett's stock reduction, Musk believes that he obviously expected some kind of adjustment...

Billionaire,TeslaCEO Musk said on Sunday:Fed was 'stupid' for not cutting rates sooner。

"The Fed needs to lower rates, they are stupid for not doing so," Musk wrote in a post on Friday after a lackluster nonfarm payrolls report stoked concerns about a slowing economy.

Last Friday, the U.S. Department of Labor released its latest employment report.The U.S. economy added 114,000 jobs, below the market forecast of 175,000 jobs, while the unemployment rate unexpectedly jumped to 4.3%, above the market forecast of 4.1%.

Musk's comments came after the Federal Reserve held a policy meeting last week and continued to keep its target interest rate at a 23-year high of 5.25% to 5.5%, a level the Fed has kept since July last year.

Fed policymakers said at the time that inflation remained “modestly above” their 2% target rate, and data for June showed inflation falling to 3%.

Federal Reserve Chairman Jerome Powell hinted that the Fed may cut interest rates at its next meeting, but he said policymakers have not yet decided and will evaluate inflation and labor market data before making a decision.

“The question will be whether the data, the changing outlook, and the balance of risks are consistent with growing confidence in inflation and a stable labor market,” Powell said. “If that criteria is met, a rate cut could be discussed as early as the next meeting in September.”

Powell's comments mean the Fed's more than two-year battle against inflation is drawing to a close, but come as the U.S. presidential election approaches.

Musk made the comments in response to a post that said billionaire investor Warren Buffett's Berkshire Hathaway was cutting its stock positions, including "cutting its largest holding in half"applestock positions, while increasing its reserves of cash equivalents and short-term U.S. Treasuries, increasing its cash reserves to $277 billion.

Musk said,"He (Buffett) obviously expects some kind of correction or simply doesn't see a better investment than U.S. Treasuries."