Musk says economy to go into 'severe recession' in 2023, he won't sell more Tesla shares for 2 years
"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 said, adding he expects a "severe recession" in 2023 in the economy.
- Economy
- A News
- Published Date: 03:51 | 23 December 2022
- Modified Date: 03:59 | 23 December 2022
Speaking on Twitter Spaces, Elon Musk, CEO of US electric vehicle manufacturer Tesla TSLA.O, said he predicts the economy will enter a "severe recession" in 2023 and demand for expensive products will fall.
Elon Musk also announced that he will not sell any more Tesla shares for about two years.
Musk's statements came after concerns about the decline in demand for electric vehicles, Musk's attention to Twitter, where he is the manager, and the company's shares faced selling pressure due to the 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 said.
Shares of Tesla rose 3% to $129.23 in trades after the stock market close, after falling 8.9 percent yesterday.
Musk sold another $3.6 billion worth of Tesla shares on December 14, bringing the total share sale in Tesla this year to $40 billion.