Investor and CEO Elon Musk showed up in a Twitter spaces conversation and guaranteed to hold on to his shares.
He has planned to not selling Tesla stock for the coming 18 to 24 months, until 2024 or 2025, adding that he sold some stock to prepare for worst-case scenarios at Twitter.
While speaking in a Twitter Spaces audio chat, Musk said he was prudent that the economy will face a “serious recession” in 2023 and consumer demand will be lower.
On Thursday, shares of Tesla rose 3% to $129.23 in after-hours trading following an 11% drop in regular trading hours.
Earlier, Musk had made promises about not selling Tesla stock before subsequently selling it. Last week, Musk disclosed another $3.6 billion in stock sales, taking his total near $40 billion since late this year and frustrating investors as the company’s shares wallow at over two-year lows.
“I needed to sell some stock to make sure, like, there’s powder dry…to account for a worst case scenario,” the billionaire said.
