The Tesla boss, who has sold billions of dollars-worth of stock so far this year, says he expects a 'serious recession' to hit demand for new cars in 2023.
The Tesla boss, who has sold billions of dollars-worth of stock so far this year, says he expects a"serious recession" to hit demand for new cars in 2023.Tesla chief executive Elon Musk has said he will not sell any more of his stock in the company for two years.
Mr Musk, who founded the electric vehicle-maker, was speaking on a Twitter Spaces audio chat when he said the economy is likely to be in a"serious recession" next year. Tesla's board is open to the possibility of a share buyback, he said, but that will depend on how bad the recession is. The billionaire, who also owns Twitter and SpaceX, has previously promised not to sell off any more Tesla stock before going on to do the opposite.
In April, he sold roughly $4bn of Tesla shares before saying there would be"no further sales planned after today", but he sold large amounts of shares a number of times since then."I needed to sell some stock to make sure, like, there's powder dry...to account for a worst case scenario," he said.
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