Musk Says Again Tesla Share Sales Will Stop After Stock Tanks
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Musk Says Again Tesla Share Sales Will Stop After Stock Tanks
(Bloomberg) -- Elon Musk said again that he’ll stop selling Tesla Inc. shares, after disposing almost $40 billion of his holdings contributed to the stock plummeting to a two-year low.
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“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 during a live-audio Twitter Spaces conversation late Thursday. Tesla shares fell as much as 3.5% shortly after the start of regular trading Friday.
Musk made similar proclamations in April and August, only to then keep selling more shares to help fund his purchase of Twitter Inc. While his response to a question from longtime investor Ross Gerber may have reassured investors about one element of what’s been hurting Tesla’s stock, he offered a downbeat outlook for the economy next year.
“I think we are in a recession, and I think 2023 is going to be quite a serious recession,” Tesla’s chief executive officer said. “It’s going to be, in my opinion, comparable to 2009. I don’t know if it’s going to be a little worse or a little better, but I think it’s, in my view, likely to be comparable. That means demand for any kind of optional, discretionary item, especially if it’s a big-ticket item, will be lower.”
Tesla has had a difficult end to the year, as opposed to the “epic” one Musk had predicted. The electric-vehicle maker has cut prices and slashed production in China, and Musk has repeatedly criticized the Federal Reserve for raising interest rates. His sometimes conspiratorial and often politically charged tweeting also has turned off some consumers. To boost year-end sales in the US, the carmaker has turned to generous incentives.
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