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Elon Musk puts Tesla stock sale on hold




Billionaire Elon Musk said Thursday that he will put the Tesla stock sale on hold for about two years.

Musk made the comment while speaking in a Twitter Spaces audio chat.

He also commented on the economy, saying he foresees a “severe recession” in 2023 and demand for big-ticket items will be lower.

His comments came after a sell-off in Tesla shares deepened on Thursday over worries about curbing demand for electric cars and Musk̵[ads1]7;s distraction with Twitter and his share sales.

TESLA SHUTS PRICES BY $7,500 AT END OF YEAR SALES

Elon Musk puts Tesla stock sale on hold

Tesla CEO Elon Musk next to the electric car manufacturer’s logo. (Getty Images/AP/Getty Images)

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

Shares in Tesla rose 3% to $129.23 in after-hours trading.

Tesla shares plunged 9%, after Tesla began offering deep discounts of $7,500 to US consumers, fueling investor concerns about dampening demand as the economy slows.

Tesla Model 3

A Tesla Model 3 is seen in a showroom in Los Angeles, California. (REUTERS/Lucy Nicholson/Reuters Photos)

Musk has previously made promises not to sell Tesla shares until he then sells it.

Last week, the Tesla chief sold 22 million shares worth $3.58 billion in the electric car maker, according to a regulatory filing.

ELON MUSK SAYS HE WILL RESIGN AS TWITTER CEO WHEN HE FINDS SOMEONE ‘STUPID ENOUGH TO TAKE THE JOB’

Musk has sold shares for over 40 billion dollars in the past year, around the acquisition of Twitter.

Elon Musk's Twitter account appears on the screen of an iPhone in front of the home page of the Twitter website

Elon Musk’s Twitter account appears on the screen of an iPhone in front of the home page of the Twitter website. (Chesnot/Getty Images/Getty Images)

The Tesla boss went on a sales trip in April when he lined up financing for his $44 billion purchase of Twitter, which he had been trying to withdraw from since July.

Ticker Safety Last Change Change %
TSLA TESLA INC. 125.35 -12.22 -8.88%

Musk sold an additional 7.92 million shares in August, months after announcing he would not be selling any more shares.

Musk completed the Twitter purchase in October.

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In the days following the takeover, the billionaire sold nearly $4 billion in Tesla shares.

Tesla stock has fallen about 68% so far this year.

Reuters contributed to this report.



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