Elon Musk is warning investors against investing with margin debt, despite having done it himself in the past, given the possibility “mass panic” could strike the markets and wipe out investors.

Speaking in the All-In podcast which was released Friday, Musk said, “I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep powder dry. You can get some pretty extreme things happening in a down market.”

When the billionaire electric vehicle maker purchased social media giant Twitter for $44 billion earlier this year, his purchase was structured to place $13 billion in debt on the company. According to a new report in Bloomberg News, Musk’s bankers would like to replace some of the high interest debt which was placed on the company with newer margin loans taken out against Tesla shares, which Musk would be personally responsible for.

In the course of the acquisition, Musk offloaded almost $40 billion in Tesla stock, which has helped to drive the stock to a two-year low. However Musk said recently he was done selling Tesla stock, and would not sell any more shares for at least one year, and likely two.

Analysts were quick however, to point to an SEC filing from April of 2022, which showed that as of December 2020, Musk was maintaining 92 million shares of his auto company as collateral.

Musk also repeated his previous claims that a recession in overdue in the economy, and that he feels when it happens, it will be of a similar scale to the recession of 2009.

He added, “My best guess is that we have stormy times for a year to a year and a half, and then, dawn breaks roughly in Q2 2024, that’s my best guess. Booms don’t last forever, but neither do recessions.”