Wednesday, March 29, 2023

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

Tesla Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for about another 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 consumer demand will be lower.
Musk has previously made promises about not selling Tesla stock before subsequently selling it.
Shares of Tesla rose 3% to $129.23 in after-hours trading on Thursday following an 11% drop in regular trading hours.
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% of the complexity of Tesla,” Musk said.
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.
Some of his appearances have turned contentious including an exchange with a former Twitter engineer who was challenging his apparent plan to rewrite significant amounts of the company’s source code.

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