Beautiful Virgin Islands

Friday, Jan 27, 2023

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

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

Tesla Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for about two years.
While speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a “serious recession” in 2023 and demand for big-ticket items will be lower.

His comments came after a Tesla stock sell-off deepened on Thursday over worries about softening demand for electric cars and Musk’s distraction with Twitter and his stock sales.

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

Shares of Tesla rose 3 percent to $129.23 in after-hours trading on Thursday following an 8.9 percent drop in regular trading hours.

Musk has previously made promises about not selling Tesla stock before subsequently selling it. Last week, Musk disclosed another $3.6 billion in stock sales, taking his total near $40 billion since late last year and frustrating investors as the company’s shares wallow at over two-year lows.

“I needed to sell some stock to make sure, like, there’s powder dry...to account for a worst case scenario,” the billionaire said.

He said Tesla’s board is open to share buyback, but that will depend on the scale of a recession.

On Thursday, Tesla stocks plunged 9 percent, after Tesla started to offer deep, $7,500 discounts to US consumers, fueling investor concerns about softening demand as the economy slows.

“I think there is going to be some macro drama that’s higher than people currently think,” he said, adding that homes and cars will get “disproportionately impacted” by economic conditions.

Musk said that Tesla is close to picking the location of its new “Gigafactory.” Tesla could announce the construction of a “Gigafactory” in the northern Mexican state of Nuevo Leon as soon as Friday, with an initial investment of between $800 million and $1 billion, local newspaper Reforma reported on Monday.

Asked whether he would bring in someone such as venture capitalist David Sacks to run Twitter to allow him to focus on Tesla, Musk dodged the question and said Twitter was a relatively simple business.

“(Twitter) is maybe 10 percent of the complexity of Tesla,” Musk said.

Musk said earlier this week that he will step down as chief executive of Twitter once he finds “someone foolish enough to take the job.”

In response to concerns that his political views and controversial comments are alienating some people, he said, “I am not going to like sort of suppress my views just to boost the stock price.”

Musk has increasingly used Twitter’s live audio platform to weigh in on his product and strategic decisions at the social media company he took private in October in a $44 billion deal.
Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
Tesla reported record profits and record revenues for 2022
I have a dream, MLK inspiring speech
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Aretha Franklin, Marvis Staples - Oh Happy Day
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
BVI Freedom Song
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Billy Preston - You Can't Beat God Giving (Live)
Who’s Threatening Israeli Democracy?
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Federal Reserve Probes Goldman’s Consumer Business
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
China's first population drop in six decades
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Hello Dolly
Tesla slashes prices globally by as much as 20 percent
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
Bob Marley - Get Up Stand Up
After Failing To Pay Office Rent, Twitter May Sell User Names
Yes He Can
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
What A Friend We Have In Jesus
FIFA president questioned by prosecutors
Unforgettable
Britain's Sunak breaks silence and admits using private healthcare
Touch The Hem Of His Garment
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
The Lord's Prayer
Saudi Arabia set to overtake India as fastest-growing major economy this year 
THE GOD MOVEMENT...BEAUTIFUL BVI
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Siyahamba
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
TikTok CEO Plans to Meet European Union Regulators
Ramblin' Rose
UK chaos: Hong Kong emigrants duped by false prospectus
Protoje - Who Knows ft. Chronixx
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Pressure - Virgin Islands Nice
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Phil Wickham - House Of The Lord
Will Canada ever become a real democracy?
My God Is Real (Yes, God Is Real)
Hong Kong property brokerages slash payrolls in choppy market
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Louis Armstrong - When The Saints Go Marching In
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Kanye West Sunday Service - hallelujah, salvation, and glory
Coinbase to Pay $100 Million in Settlement With New York Regulator
Jonathan Nelson - I Believe (Island Medley
FTX assets worth $3.5bn held by Bahamas securities regulator
From The Virgin Islands Sqad Up
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Common, John Legend - Glory
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Hong Kong to scrap almost all its Covid rules
I have a dream, MLK inspiring speech
EU calls screening of travellers from China unjustified
Aretha Franklin, Marvis Staples - Oh Happy Day
US imposes Covid testing for visitors from China
BVI Freedom Song
×