Elon Musk Sounds a New Alarm on South Korea

CEO is concerned about a situation that could significantly affect the existence of the Asian nation.

Some of the largest multinational corporations in the world are based in South Korea, including Samsung Group (SSNLF), Hyundai Motor (HYMLF), and LG Corporation.

Along with Japan, the nation is one of Asia's leading innovators in technology. It exports both its technologies and its culture, and both of these things appear to resonate with the socioeconomic divides that have spread across all societies. The world's attention was recently drawn to "Squid Game," a Netflix comedy that depicts the characters' financial plight.

Elon Musk, the most powerful CEO in the world, seems to be preoccupied with this issue. The CEO of electric vehicle maker Tesla (TSLA) - Get Tesla Inc. Report has developed a personality that is well-known outside of the business world.

It all began with a tweet from Italian cybersecurity expert Andrea Stroppa, which referred to a remarkable initiative by the South Korean government to give each family with a newborn a monthly allowance of 1 million won (roughly $700), as part of its most recent effort to promote more births and try to combat the lowest fertility rate in the world.

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Stroppa commented on a Bloomberg article that stated: "South Korea wants to give every family with a newborn kid a monthly allowance of 1 million won ($740), in its latest initiative to encourage more births and try to solve the world's lowest fertility rate," writing: "Interesting move @elonmusk."

The two men's conversation prompted a lot of discussion on the social network. There are a lot of people on Twitter who think that the South Korean programme would produce mixed effects.

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"It definitely benefits those who desire to have children. However, it won't make someone alter their decision if they don't want kids. The actual money versus living/child-rearing expenses is equally important "one Twitter user wrote.

Recent birth statistics in South Korea scare demographers and the local authorities. According to latest statistics from Statistics Korea, the total fertility rate in South Korea, or the average number of children a woman births over her lifetime, was 0.81 in 2021 as opposed to 0.84 the year before (Kostat).

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