For 18-24 Months, Tesla Stock Stock Not Selling. Recession ‘Overdue.

• Elon Musk stated in a Twitter Spaces chat, that he would not sell any more Tesla stock over the next 18-24 month. 
• Musk said that he needed powder dry to prepare for a recession. 
• Musk also tried to dispel investors’ fears about Musk’s disengagement as Tesla’s CEO after he took over Twitter. 

Tesla investors were informed by Elon Musk that he would not be selling any more shares of his EV company in near future. He also stated that he only sold shares recently to prepare for a recession. 

“I won’t be selling any stock for, I’m not sure, at least 18 to 24-months.” Musk stated that stock sales will cease until 2025 or some other year in a Twitter Spaces chat. 

He said, “I had to sell stock to ensure there was powder dry to account in the worst-case scenario.”

Musk has made a vow not to sell any more Tesla stock this fiscal year. Musk purchased Twitter in August after selling Tesla stock worth more than $8B. tweeted“No further TSLA sales are planned after today.”

However, he also sold $3.6 million in Tesla shares earlier in the month. As of Thursday’s close, the stock was trading at a 52 week low. 

Musk spoke out on the economy and offered a gloomy outlook in the coming year. He said that, “from a longer-term perspective, there is a natural economic cycle which happens and frankly we’re overdue to a recession.” 

He said, “It’s astonishing that we haven’t had an economic recession at any meaningful sense since 2009,” he continued. 

Some investors have expressed worryMusk has become disengaged from his role as Tesla’s CEO and he now focuses on leading Twitter, further contributing to Tesla’s stock price decline. 

Musk stated that “there was not one important meeting that I missed” at Tesla, since he took over the Twitter reins. He told Spaces chat listeners that he only sold Tesla shares to avoid paranoia after going through two very severe recessions.