In an apparent effort to console Tesla shareholders who have seen the stock lose nearly half of its value since the CEO’s purchase of Twitter went through in October, Elon Musk has stated that he won’t sell any more shares in the company for at least 18 months.
During an audio-only Twitter Spaces group conversation, Mr. Musk declared, “I’m not selling any stock for 18 to 24 months.”
Since starting to build a position in Twitter in April, Musk has sold nearly 23 billion dollars’ worth (£19.1 billion) worth of shares of his car company. Last week, he sold another 2.58 billion dollars’ worth (£2.14 billion) worth of Tesla stock.
That money was used in large part to finance his 44 billion dollar (£36.5 billion) purchase of the social media company, which has been in upheaval ever since he gained control.
Mr. Musk has presided over a bewildering series of changes that have alarmed marketers and alienated users in less than two months.
He fired contract content moderators, fired half the staff, and abolished the council of trust and safety advisers.
He has ceased enforcing the Covid-19 disinformation regulations and demanded that Dr. Anthony Fauci, the foremost US authority on infectious diseases, be charged with a crime.
The 24/7 Twitter mayhem, which Tesla investors claim has diverted the eccentric CEO from the electric car company, his major source of riches, has gotten tiresome to them.
On April 1, the last trading day before Mr. Musk announced he was buying up Twitter shares, Tesla’s market capitalization was over $1 trillion. Since then, the firm has lost roughly two-thirds of its value as other automakers compete with Tesla for the lion’s share of the electric vehicle market.
Friday saw a more than 1% decline in Tesla stock, down to 123.74 dollars. On April 1, they each cost more than 360 dollars, and on November 1, 2020, they reached a record high of more than 414 dollars.
Tesla increased the discounts it is providing this week on it’s.
Earlier this month, the Texas-based firm started promoting a 3,750 dollar incentive on its Model 3 sedan and Model Y SUV on its website. On Wednesday, though, the company increased the discount to 7,500 dollars for customers who accept delivery before December 31.
