Elon Musk says he will not sell more Tesla stock for the next two years

Twitter and Tesla CEO (Chief Executive Officer), Elon Musk, has said that he will not sell any more Tesla stock for the next two years. 

He made those comments in a Twitter Spaces audio chat. He said that the economy would be in a “serious recession” in 2023. According to him, the demand for big-ticket items would be lower.

Musk reportedly said, “I will not sell the stock until I don’t know, probably two years from now. Definitely not next year under any circumstances.”

The shares of Tesla dropped by almost 9 per cent on Thursday. Subsequently, analysts showed concern about the company’s outlook. Canaccord Genuity reportedly said, “Elon Musk is doing Elon Musk things.” Tesla also began to offer $7,500 discounts on some of its high-priced electric vehicles in the market.

Earlier, Musk said he would not sell Tesla stocks. However, he sold $3.6 billion in stock sales of Tesla last week. Over the past year, Musk has sold almost $40 billion of Tesla shares. Some experts said that he sold shares because he wanted to buy Twitter. Reportedly, Musk sold around $23 billion in Tesla shares to finance the Twitter deal. He bought Twitter in a $44 billion deal. A consortium of banks loaned $13bn to Musk to finance the deal.

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Musk, who is also CEO of SpaceX, a major defence contractor, said that selling shares was important. However, he did not provide further details about the sales.

This year, Tesla was one of the worst-performing stocks among major carmakers. The stock was down nearly 70% year-to-date.

Earlier this month, Musk sold 19.5 million of his shares in Tesla in a transaction worth $3.95bn. According to filings published by the US Securities and Exchange Commission, he sold Tesla stocks a lot of times since the start of this year.