Elon Musk, CEO of electric car giant Tesla, announced on Thursday that he will not be selling any more of the company’s stock for the next two years. In a tweet, Musk explained that he believes the economy is headed for a “serious recession” in 2023 and therefore expects demand for luxury items, like Tesla’s vehicles, to decrease.
This news may come as a surprise to some, as Musk has been a prolific seller of Tesla stock in recent years. In fact, he has sold nearly $40 billion worth of the company’s stock since late 2020. This has led to speculation about his reasons for selling, with some speculating that he may be using the proceeds to fund other ventures or to diversify his personal portfolio.
However, Musk’s decision to hold onto his Tesla stock for the next two years suggests that he has confidence in the company’s future prospects. It’s worth noting that Tesla has had a highly successful run in recent years, with its stock price skyrocketing as demand for electric vehicles has increased.
While it remains to be seen what the future holds for the economy and the automotive industry, Musk’s decision to hold onto his Tesla stock for the next two years is certainly an interesting development. It will be interesting to see how this move plays out and whether it has any impact on the company’s stock price in the coming months.
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