Elon Musk pledges to stop selling additional Tesla stock

Elon Musk pledges to stop selling additional Tesla stock

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 will 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 traumatized 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 fortune. For the first time, Musk has elaborated on some of the problems. That will undoubtedly benefit Tesla and its sliding stock.

Musk sold shares last year for close to $40 billion

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 anxieties have been increased by Musk’s recent mass sales of Tesla shares. He has sold Tesla shares for about $40 billion over the past year. The percentage of the company that Musk owns has decreased to 13.4%.

Musk’s commitment should allay some investor worries

The already-weak Tesla stock hasn’t benefited from Musk selling shares. His promise ought to allay some concerns.

“You certainly have my commitment I won’t sell the stock until, I don’t know, probably two years from now. Definitely not next year under any circumstances and probably not the year thereafter,” he said. It’s important to remember that Musk has in the past breached similar promises.

Musk won’t censor his opinions “to increase the stock price”

Many people have cited Musk’s acquisition of Twitter as one of the factors contributing to the underperformance of Tesla stock. Musk responded to worries that his Twitter behavior and opinions were harming Tesla’s reputation by saying, “I’m not gonna 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.

Stormy at first, but there will be sunshine

Musk also discussed the future of Tesla. “There is stormy weather ahead, but then there is going to be sunshine thereafter,” he said. He did, however, underline that Tesla’s intentions might be impacted by the current economic climate. According to Musk, there will be more macro drama than people now anticipate. Homes and automobiles will be “disproportionately impacted,” he claims.

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