Elon Musk said he won't sell any more shares in Tesla for 18 months or more, likely an attempt to comfort shareholders who have watched the stock lose nearly half of its value since Musk's purchase of Twitter.
CEO Elon Musk says he won't sell any more shares in Tesla for 18 months or more, likely an attempt to comfort shareholders of the electric vehicle company who have watched the stock lose nearly half of its value since Musk's purchase of Twitter went through in October.
Musk dumped another $2.58 billion worth of Tesla stock last week and has sold nearly $23 billion worth of his car company's shares since April, when he started building a position in Twitter. A significant portion of those proceeds have gone to help fund his $44 billion acquisition of the social media company, which has been marked by chaos since Musk took over.
Tesla investors have grown weary of the 24/7 Twitter chaos that they say has distracted the eccentric CEO from the electric car company, his main source of wealth. Tesla shares fell more than 1% on Friday, to $123.74. They were more than $360 each on April 1 and hit an all-time high of more than $414 in November of 2021.
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