Musk foresees that the economy will be in a “serious recession” in 2023.
The current value of Tesla Inc (TSLA) is $125.35, which decreased by nearly 8.88%.
Elon Musk, the CEO of Tesla, claims that he will not sell any more Tesla stock shares for around two years. During a Twitter Spaces audio chat held on Thursday, Musk disclosed that the economy will be in a severe recession in 2023, with decreasing demand for big-ticket items.
Elon Musk stated:
I won’t sell the stock until I don’t know, probably two years from now. Definitely not next year under any circumstances and probably not the year thereafter.
The billionaire’s latest remarks come after a sharp decline in the value of Tesla stock. The Tesla shares increased 3% to $129.23 in after-hours trading on Thursday, following an 8.9% decline during regular trading hours.
Musk has already committed to holding onto his Tesla stock after promising not to sell it. With his total stock transactions since late last year approaching $40 billion, Musk reported another $3.6 billion in stock sales last week, upsetting investors while the company’s shares languish at over two-year lows.
Moreover, the current market value of Tesla Inc (TSLA) is $125.35. At the time of writing, TSLA has decreased by nearly 8.88%.