Elon Musk tells investors he'll pause on Tesla stock sales
Elon Musk tells investors he'll pause on Tesla stock sales
Elon Musk says he won't sell any more shares in Tesla for 18 months or more, likely an attempt to comfort shareholders of the electric vehicle company who have watched the stock lose nearly half of its value since Musk's purchase of Twitter went through in October.
" I am not selling any stock for 18 to 24 months,” Musk said during an audio-only Twitter Spaces group conversation on Thursday.
Musk then said he wouldn't sell Tesla shares for two years, but backtracked and said he would pause sales for at least one year.
Musk dumped another US$2.58 billion worth of Tesla stock last week and has sold nearly US$23 billion worth of his car company's shares since April, when he started building a position in Twitter.
A significant portion of those proceeds have gone to help fund his US$44 billion acquisition of the social media company, which has been marked by chaos since Musk took over.
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