Elon Musk, the company’s CEO, has stated that he won’t sell any additional Tesla shares for at least 18 months in an apparent effort to reassure investors after the stock of the electric vehicle maker fell by almost 50% after Musk completed the acquisition of Twitter in October.
During a Thursday audio-only Twitter Spaces group conversation, Musk declared, “I’m not selling any stock for 18 to 24 months.”
Musk later said that he wouldn’t sell Tesla stock for two years, but later changed his mind and announced that he would halt sales for at least a year.
Since starting to develop a position on Twitter in April, Musk has sold roughly $23 billion in shares in his automobile company.
Last week, he sold an additional $2.58 billion worth of Tesla stock.
That money was used mainly to finance Musk’s $44 billion purchase of the social media company, which has been upheaval since he took leadership.
Musk has presided over a dizzying array of changes that have alarmed marketers and alienated users in less than two months.
He fired contract content moderators and half the staff and abolished the council of trust and safety advisors.
He has ceased enforcing COVID-19 disinformation laws and demanded that Dr. Anthony Fauci, the head of the United States, be charged with crimes.
The 24/7 Twitter mayhem, which Tesla investors claim has diverted the eccentric CEO from the electric car company, his primary source of riches, has gotten tiresome to them.
On April 1, the final trading day before Musk announced he was accumulating Twitter shares, Tesla’s market capitalization was over $1.1 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.
On Friday, Tesla stock dropped more than 1% to $123.74. On April 1, each cost more than $360, and on November 1, 2020, they reached a record high of more than $414.