Can you use possesive ('s) twice in a sentence?

No grammatical rule says it is always wrong. In your example it doesn't look good because John doesn't own yesterday. I suggest: John's statement was hilarious yesterday.

CB

I had modified the sentence for the purpose of the example. The original is:

"It's almost as funny as John's yesterday's statement."

Here's a correct example.
Example: "John's wife's statement was hilarious."

Here's an incorrect example (from a sign in a parking lot):
No semi's bobtail's only.

Thanks for the answers everyone. I see your point that 'John doesn't own yesterday.' So how am I supposed to say it? I don't wanna go the long road e.g. "It's almost as funny as John's statement he made yesterday."

“John’s statement yesterday” is possible.

And the possessives can go on and on, but it rapidly becomes unintelligible:

Example: "John's wife's doctor's daughter's boyfriend's statement was hilarious."

Daithy"It's almost as funny as John's statement he made yesterday."

"It's almost as funny as the statement John made yesterday."

Yeah, not bad .