AP

Elon Musk tells investors he’ll pause on Tesla stock sales

Dec 23, 2022, 10:34 AM | Updated: Dec 26, 2022, 10:26 am

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.

“I’m not selling any stock for 18 to 24 months,” Musk said during an audio-only Twitter Spaces group conversation on Thursday. Musk then said he wouldn’t sell Tesla shares for two years, but backtracked and said he would pause sales for at least one year.

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.

In less than two months, Musk has presided over a dizzying series of changes that have unnerved advertisers and turned off users. He’s laid off half of the workforce, axed contract content moderators and disbanded a council of trust and safety advisors. He has dropped enforcement of COVID-19 misinformation rules and called for criminal charges against Dr. Anthony Fauci, the top U.S. infectious disease expert.

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’s market value was over $1.1 trillion on April 1, the last trading day before Musk disclosed he was buying up Twitter shares. The company has since lost nearly two-thirds of its value, at a time when rival automakers are cutting in on Tesla’s dominant share of electric vehicle sales.

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.

This week, Tesla boosted the discounts it’s offering through year’s end on its two top-selling models, an indication that demand is slowing for its electric vehicles.

The Austin, Texas, company began offering a $3,750 incentive on its Model 3 sedan and Model Y SUV on its website earlier this month, but on Wednesday doubled the discount to $7,500 for those who take delivery between now and Dec. 31.

____

This story corrects the year of Tesla’s all-time high to 2021, not 2020.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Arizona and New York attorneys feud over extraditing suspect...

Associated Press

Why Alvin Bragg and Rachel Mitchell are fighting over extraditing suspect in New York hotel killing

Maricopa County Attorney Rachel Mitchell says she isn't into extraditing a suspect due to her lack of faith in Manhattan’s top prosecutor.

2 hours ago

A Gila monster is displayed at the Woodland Park Zoo in Seattle, Dec. 14, 2018. A 34-year-old Color...

Associated Press

Colorado man dies after being bitten by pet Gila monster

A Colorado man has died after being bitten by his pet Gila monster in what would be a rare death by one of the desert lizards if the creature's venom turns out to have been the cause.

1 day ago

Police clear the area following a shooting at the Kansas City Chiefs NFL football Super Bowl celebr...

Associated Press

1 dead, many wounded after shooting at Kansas City Chiefs’ Super Bowl victory parade

One person died after 22 people were hit by gunfire in a shooting at the end of the Kansas Chiefs' Super Bowl victory celebration Wednesday.

8 days ago

This image from House Television shows House Speaker Mike Johnson of La., banging the gavel after h...

Associated Press

GOP-led House impeaches Homeland Security Secretary Mayorkas — by one vote — over border management

Having failed to impeach Homeland Security Secretary Alejandro Mayorkas the first time, House Republicans are determined to try again Tuesday.

9 days ago

Defense Secretary Lloyd Austin, right, and Kenya's Defense Minister Aden Duale, left, listen during...

Associated Press

Defense Secretary Lloyd Austin hospitalized with bladder issue

Defense Secretary Lloyd Austin has been hospitalized following symptoms pointing to an “emergent bladder issue."

11 days ago

Follow @ktar923...

Sponsored Content by Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

Sponsored Articles

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

...

Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

Elon Musk tells investors he’ll pause on Tesla stock sales