Elon Musk decided not to sell Tesla shares for two years

His comments came after a sell-off in Tesla shares intensified on Thursday due to concerns about the decline in demand for electric cars and because Musk was distracted on Twitter. "I'm not going to sell (Tesla) stock ... probably in two years, probably not next year under any circumstances, and probably not in an hour," Musk said.
Previously, he promised not to sell Tesla shares before their subsequent sale. Last week, Musk announced the sale of another $3.6 billion in shares, bringing the total since the end of last year to about $40 billion, which disappointed investors as the company's shares fell to a two-year low.
"I had to sell some shares to make sure that the gunpowder was dry ... in case of a worst-case scenario," the billionaire said. He added that Tesla's board of directors is open to buying back shares, but it will depend on the extent of the recession.
Tesla shares fell 9% on Thursday, after the company began offering large discounts to consumers in the United States of $7,500, which raised investor concerns about declining demand as the economy slows.
"I think there will be some kind of macroeconomic drama that is bigger than people think now," he said, adding that economic conditions will "disproportionately affect" real estate and cars.
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