Elon Musk fronting a TeslaGetty
In a Twitter Spaces chat, Elon Musk stated that he wouldn’t sell any more Tesla stock over the next 18-24 month. Musk stated that he needed to “powder dry”, in order to prepare for a possible recession. Musk tried to dispel investors’ concerns that he had become disconnected as Tesla’s CEO after taking over Twitter.
Tesla investors were told by Elon Musk that he would not sell any additional shares of his EV business in the near future, and that he had only recently sold to prepare for a possible recession.
Musk stated that he won’t sell stock until at least 18 to 24 months. Musk stated that stock sales will cease until 2025, or some other date, in a Twitter Spaces chat.
He said, “I had to sell stock to ensure there was powder dry to cover for a worst-case scenario.”
Musk has made it clear that he will not sell any more Tesla stock in the coming year. Musk wrote that he had sold more than $8 billion of Tesla stock in August to finance his purchase.
He sold $3.6 billion more Tesla shares earlier this month. As of Thursday’s close, the stock was trading at a 52 week low.
Musk offered a grim outlook for the future of the economy, stating that “from a longer-term perspective, there’s an economic cycle that occurs and frankly, it’s overdue for recession.”
He said, “It’s astonishing that we haven’t had an economic depression in any meaningful sense since 2009,” he continued.
Some investors are concerned that Musk is no longer engaged as Tesla’s CEO and has shifted his focus to Twitter leading to further decline in Tesla’s stock.
Musk stated that Tesla had not missed a single important meeting since he took over Twitter. He told Spaces chat listeners that Tesla shares were only for him because he is “somewhat paranoid” after going through two severe recessions.
Business Insider has the original article.
—————————————————————————————————————————————
By: sdelouya@insider.com (Samantha Delouya)
Title: Elon Musk says we’re ‘overdue’ for a recession, won’t sell any more Tesla stock for 18-24 months: ‘I need to sell some stock to make sure there was powder dry to account for a worst-case scenario’
Sourced From: www.businessinsider.com/elon-musk-wont-sell-tesla-stock-next-year-recession-overdue-2022-12
Published Date: Fri, 23 Dec 2022 00:01:26 +0000
Related posts:
Elon Musk warns stock prices could fall, promises not to sell Tesla stock next year and attacks the Fed during a new interview. Here are the top fourteen quotes.
Tesla bull Gary Black, who rebuts recession claims, says investors don’t pay attention to Elon Musk on economics.
Elon Musk predicts a US depression next year that could last 18-months — and warns investors about being cautious
Tesla’s stock is experiencing a wild ride. It has seen a dramatic rebound after its plunge in 2022. Here’s the timeline of all the drama surrounding Tesla’s stock, from Elon Musk’s Twitter wager to aggressive price cut strategies.
Leave a Reply