USA: Elon Musk has declared he won't be selling any additional Tesla shares as a consolation for the company's investors. The Tesla and Twitter CEO stated that he would not sell Tesla stock for at least two years during a Twitter Spaces call.
Musk's remarks should allay some of the worries of Tesla shareholders who have been traumatised by declining share prices.
In recent days, the price of Tesla stock has been breaking new records every day. Despite this, Musk hardly ever made any statements to bolster investor confidence in the business that is the primary source of his wealth.
For the first time, Musk has elaborated on some of the problems. That will undoubtedly benefit Tesla and its falling stock.
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Over 60% of Tesla's share price has been lost this year. Investor confidence in the most valuable automaker in the world has consequently been declining.
Their worries have been increased by Musk's recent bulk sales of Tesla shares. He has sold Tesla shares worth about $40 billion over the past year.
The percentage of the company that Musk owns has decreased to 13.4%.
The already-weak Tesla stock hasn't benefited from Musk selling shares. His promise ought to allay some concerns.
"You have my word that I won't sell any stock until, oh, maybe two years from now. Under no circumstances, not the following year, and most likely not the one after that, "said he.
It's important to remember that Musk has in the past broken similar promises.
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Many people have cited Musk's acquisition of Twitter as one of the factors contributing to the underperformance of the Tesla stock. Musk responded to worries that his Twitter behaviour and opinions were harming Tesla's reputation by saying, "I'm not going to suppress my views just to boost the stock price."
He continued by saying that the acquisition of Twitter had no impact on the amount of time he devotes to Tesla-related activities.
Musk also discussed the future of Tesla. There will be stormy weather up ahead, but after that, it will be sunny, he said.
He did, however, reiterate that Tesla's plans might be impacted by the current economic climate. According to Musk, there will be more macro drama than people currently anticipate.
Homes and automobiles will be "disproportionately impacted," he claims.
