Elon Musk has sold a hefty load of Tesla shares in the past few weeks, and while the move has exacerbated the concerns of many of the company’s shareholders, the CEO says he doesn’t plan to do it again for a while.
In a Twitter Spaces call on Thursday, Musk said he “won’t sell stock next year under any circumstances” until at least 2024 or 2025.
Musk also addressed concerns from investor Ross Gerber, President and CEO, Gerber Kawasaki Wealth and Investment Management. Gerber had recently criticized Musk for not sharing enough info about what he was doing for Tesla, saying the optics made it look like Musk was spending more time at Twitter.
During the Spaces, Musk reiterated Tesla has the most exciting product pipeline in the works of any company on the planet. He also said Tesla will also be the most valuable company in the world.
The news came after Tesla’s stock encountered heavy losses on Thursday, leading to six analysts downgrading the electric vehicle (EV) company’s stock.
During the slump, Tesla’s stock sank to its lowest point since September 2020, dropping off by about 35 percent since the beginning of December alone.
Elon Musk Sold Tesla Stock to ‘Save’ Twitter, Says Report https://t.co/kNw3HQVG2R
— TeslaNorth.com (@RealTeslaNorth) November 11, 2022
The news also comes amidst onlooker concerns about Tesla’s vehicle demand as talk of recession fears loom. Just days ago, Tesla increased its discounts on Model 3 and Y units to $7,500 on all deliveries taking place by the end of the month.
Musk’s takeover of Twitter has also remained at the center of discussions with shareholders in recent months, with critics arguing that he didn’t have time for Tesla due to the acquisition.
Since the stock’s peak in November 2021, Musk has sold almost $39 billion in Tesla shares.
At the time of writing during trading hours on Friday, Tesla’s shares are trading at $123.63, (-$1.72), down 1.37 percent on the day.
You can listen to the full Twitter Spaces with Elon from last night, below:
