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Elon Musk says he won’t sell more Tesla shares for “probably” two years

“I’m not selling stock until, I don’t know, probably two years from now. Definitely not next year under any circumstances, and probably not next year,” Musk She said in a Chirping Space conversation on Thursday evenings.

The Tesla CEO previously said that he is done selling Tesla. In April, after selling approx It’s worth $8.5 billion in Tesla stock, Musk promised he would no longer sell Tesla stock.

No further sales of TSLA are expected after today

— Elon Musk (@elonmusk) April 29, 2022

Subsequently, Musk sold shares three more times: sale Valued at $6.9 billion in August, Value of $4 billion in November and another $3.5 billion last week. In total, Musk has sold approx Value of $39 billion of Tesla shares since their peak in November 2021.

Tesla shares rose about 1.2% in after-hours trading after Musk made his pledge, narrowing an 8.9% drop during US trading hours. Shares of Tesla are down about 16.6% since the weekend.

The electric automaker slipped from last year’s heady highs, when it was one of the few companies to exceed $1 trillion in market value. Tesla shares are down 69.2% from their peak in November 2021 and earlier this week, ExxonMobile passed Tesla in market value.

Tesla shareholders say one of the causes of the stock’s slump is Musk’s concurrent leadership of social media company Twitter. Musk has publicly disapproved of himself, instead blaming interest rate hikes on the US Federal Reserve for making cars less affordable and create a bear market. (While some technology shares, such as those of Meta and Amazoniahave declined as much as Tesla, the broader market has not.)

During the Twitter Spaces call, Musk said he hasn’t missed “a single important Tesla meeting” since taking over as CEO of Twitter. He also stated that Tesla was “a much more complex beast” to manage than Twitter, suggesting that the social media platform only had “10% of the complexity” like Tesla.

After missing a survey where 57.5% of respondents suggested he step down as CEO of Twitter, Musk said he would relinquish the position once he finds someone”crazyEnough to take the job, but said he would stay involved in the “software and servers” teams.

Musk chafed at some comments on the Twitter Spaces call. After an attendee shared concerns that the Tesla CEO’s political views and approach to content moderation on Twitter could harm Tesla’s brand, Musk said he wouldn’t change anything about his communications.

“I’m not going to suppress my views just to drive up the stock price,” Musk said.

No further sales of TSLA are expected after today

— Elon Musk (@elonmusk) April 29, 2022