Speaking on Twitter Spaces, Elon Musk, CEO of US electrical car producer Tesla TSLA.O, mentioned he predicts the economic system will enter a “severe recession” in 2023 and demand for costly merchandise will fall.
Elon Musk additionally introduced that he is not going to promote any extra Tesla shares for about two years.
Musk’s statements got here after considerations in regards to the decline in demand for electrical automobiles, Musk’s consideration to Twitter, the place he’s the supervisor, and the corporate’s shares confronted promoting strain as a result of sale of his shares in Tesla.
“I probably won’t be selling shares until two years from now. Under no circumstances will I be selling next year, and possibly year after that,” Musk mentioned.
Shares of Tesla rose 3% to $129.23 in trades after the inventory market shut, after falling 8.9 p.c yesterday.
Musk bought one other $3.6 billion value of Tesla shares on December 14, bringing the entire share sale in Tesla this 12 months to $40 billion.
