Tesla CEO Elon Musk says he won’t sell Tesla stock for two years.
Musk said in an audio Twitter chat that he expects the economy to enter a “deep recession” in 2023 as demand for key commodities falls.
Tesla shares were up 3% at $129.23 after the close on Thursday, and are down 8.9% in regular trading.
Bloomberg recently reported that Musk’s net worth fell by $7.7 billion after Tesla’s share price plummeted on Tuesday. They posted their biggest one-day loss since October.
According to the Bloomberg Billionaires Index, the Tesla CEO’s current net worth is $147.7 billion, the lowest in two years. His net worth consists mostly of Tesla stocks and options. The automaker’s stock price surge is particularly dangerous for 51-year-old Musk, who used his larger position to fund his October acquisition of Twitter.
On Dec. 15, Musk sold about $3.58 billion worth of shares, according to US data, and Musk also sold 22 million shares in the electric car maker. According to the documents, he sold his shares in three days from December 21-25.
“I’ll have to sell some shares in the worst-case situation,” the billionaire revealed.
Tesla’s board is open to purchase, but that depends on how deep the recession is, he said.
Tesla shares fell 9% on Thursday after the company began offering $7,500 in rebates to U.S. consumers, prompting investors to worry about falling demand amid the economy’s slowdown.
“I think the macroeconomic drama is going to be more severe than people currently think,” he added, adding that economic conditions would have a “disproportionate” impact on homes and cars.
Musk said Tesla is looking for a new gigafactory location. The local newspaper Reforma reported Monday that Tesla could announce on Friday it will build a “gigafactory” in the northern state of Nuevo León with an initial investment of between $800 billion and $1 billion.
When asked if he’d like someone like venture capitalist David Sachs to run Twitter and let Tesla focus on it, Musk shrugged and said Twitter was a relatively easy thing to do.
Musk stated, “Twitter probably accounts for 10% of Tesla’s complexity.”
Earlier this week, Musk announced that he was stepping down as CEO of Twitter.
Responding to concerns that his political and controversial views might alienate some people, he said: “I’m not trying to suppress my views just to inflate stock prices.
Musk is increasingly using Twitter’s audio platform to evaluate the products and strategic decisions of the social media company, which was taken private in a $44 billion deal in October.
Tesla jumped 2% in hours after CEO Elon Musk announced it would suspend sales for two years.
Tesla CEO Elon Musk announced on the 24th (local time) that he would not sell Tesla cars for about two years.
In an audio discussion on TwitterSpace, Musk said he expects the economy to enter a “deep recession” in 2023, leading to a decline in demand.
His comments came after Tesla shares fell on Thursday amid concerns about weak demand for electric vehicles and the shutdown of Musk’s Twitter and its stock market.
“I’m not going to sell the stock until I know,” Musk stated.
Musk said Tesla is close to choosing another location for the Gigafactory.
Last week, Musk recorded an additional $3.6 billion in sales, bringing the total to nearly $40 billion since the end of last year. Cathy Wood bought a stake in TSLA and the stock closed at its lowest level in more than two years.
Musk announced earlier this week that he will be stepping down as CEO of Twitter.
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Tesla shares rose 2% to $126.85 in after-hours trading Thursday and fell 9.6% in regular trading.
Musk had promised to stop selling Tesla shares, but he already broke his promise
TOPLINE Tesla CEO Elon Musk said Thursday that Tesla shares are on track for at least the next two years after the billionaire would-be owner of Twitter sold about $3.6 billion of his stock this week. He said he did not intend to sell the shares.
In a call to Twitter Spaces, Musk said he would stop selling Tesla shares after selling nearly $40 billion in shares last year.
Tesla shares fell nearly 9 percent on Thursday to close at $125.35. That’s because investors were worried about the demand for the company’s electric vehicles and noticed Musk’s big time on Twitter.
The decline took Tesla nearly 70% off its January high, with shares trading above $400 at their peak, bringing Tesla’s market value to $1.2 trillion, mostly made up of Tesla stock. Musk’s net wealth exceeds $300 billion.
Musk sold $6.9 billion worth of Tesla stock and raised the issue of a forced deal with Twitter.
The microblogging site’s share price rose 3.5% to $44.35 in premarket trading, but he’s still well below $54.20 a share.
Tesla CEO Elon Musk has sold his $6.9 billion stake in the electric car maker, and if he gets into a legal battle with his social media platform, the money could potentially be tied up with his Twitter. can be used to fund such transactions.
The microblogging site’s share price rose 3.5% to $44.35 in premarket trading but was still well below $54.20 a share. Tesla shares rose 1.6% to $863.1.
In early July, MASK canceled its $44 billion acquisition of Twitter on April 25. Twitter dismisses allegations that Musk was unaware of the number of spam accounts on his social media platform, forcing Musk to settle, and for buyer’s remorse after tech stocks plummeted I am suing for it. Both sides entered the war on 17 October.
After announcing the sale on Tuesday, when asked on Twitter if he had finished selling Tesla shares, Musk replied that he would buy them back if a deal with Twitter didn’t go through.