Elon Musk vows not to sell Tesla stock for at least the next 2 years

Elon Musk vows not to sell Tesla stock for at least the next 2 years

The year 2022 hasn’t been the best for shareholders of the US carmaker – which produces the most electric cars in the world – with Tesla’s (TSLA) share price down nearly 70%.

Elon Musk doesn’t want to dump Tesla stock anymore

“I’m not going to sell (Tesla) shares, I don’t know, probably not until two years from now. Certainly not next year under any circumstances and probably not the year after that.” Elon Musk said in a public audio chat via Twitter Space.

Although Musk has repeatedly said in the past that he would be the last person to sell Tesla stock, the automaker’s chief has sold it four times. The severity of the current economic situation finally forced his hand.

TSLA stocks are still under pressure

Elon Musk’s last sale of Tesla stock was less than two weeks ago, for $3.6 billion, when the price ranged from $156 to $176. Currently, Tesla’s share price is only $123, so from a certain perspective, one could say that it was a good decision if the price continues to fall. He will be able to buy the stock again at a lower price in the future.

However, Musk’s latest promise that he doesn’t intend to sell Tesla stock in the coming years hasn’t had much effect on stabilizing the price, and TSLA stock continues to fall as a result. We’ll see where they close this year, but they are at their lowest price in 2 years and down nearly 70% for the entire year.

Tesla shareholders are unsurprisingly very upset with Elon Musk’s actions, to put it politely. They are not reassured by the fact that the world’s second richest man tweeted that Tesla shareholders will benefit in the long run from the acquisition of Twitter. He just forgot to mention, or at least hint at, how or what mysterious and mysterious things he was up to.

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