Elon Musk assures Tesla investors: No more TSLA sales for next 18-24 months

Tesla CEO Elon Musk announced on Thursday that he will not sell any more Tesla shares for nearly two years. In a Twitter Space audio chat, Musk said he expected a severe recession in 2023 and a reduction in demand for high-cost goods. Musk’s comments came after another selloff in Tesla stock on Thursday, which saw the electric vehicle maker end the day down -8.88%, or $125.35 per share.

While TSLA isn’t the only stock that has felt the pressure this year, both Tesla bulls and bears have pointed to Musk’s sale of his shares in the EV maker as one of the reasons behind TSLA’s decline. While addressing the participants of the Twitter Space session, Musk assured Tesla investors that he will not sell any TSLA shares for the next 18-24 months.

Elon Musk say I am not selling any stock for 18-24 months I need to sell some to make sure there is dry powder for the worst case scenario I have a commitment that I will not be selling any stock for at least two years from now Will sell Musk said that under no circumstances will I sell the shares next year.

While Musk’s statements could be seen as comforting, both Tesla bulls and bears have expressed skepticism about the CEO’s pledge. Musk said earlier this year that he had no plans to sell any more Tesla shares. But he later did so, resulting in losses for TSLA shares. That being said, Musk also mentioned that the Tesla board is open to stock buybacks, which should please some of the company’s bulls.

The Tesla CEO also said that the company is about to decide on the location of its new Gigafactory. A possible construction site for the facility is in Nuevo León, Mexico, with an initial investment estimated between $800 million and $1 billion.

Leave a Comment