Tesla (NASDAQ:TSLA) shares hesitated Friday, as CEO Elon Musk said he would refrain from selling any more Tesla stock for 18 to 24 months. Musk has sold about $39 billion in stock over the past year, amid his $44-billion deal to buy Twitter.
While speaking in a Twitter Spaces audio chat, Musk said he expects economy to be in "serious recession" in 2023, reducing demand.
His comments came after a Tesla stock selloff deepened on Thursday over worries about softening demand for electric cars and Musk's distraction with Twitter and his stock sales.
"I won't sell stock until I don't know probably two years from now. Definitely not next year under any circumstances and probably not the year thereafter," Musk said.
Musk said that Tesla is close to picking location for another Gigafactory.
Last week, Musk disclosed another $3.6 billion in stock sales , taking his total near $40 billion since late last year. Cathie Wood grabbed shares of TSLA as the stock concluded the trading day at its lowest level in more than two years.
Musk said earlier this week that he will step down as chief executive of Twitter once he finds "someone foolish enough to take the job."
TSLA began Friday down $1.71, or 1.4%, to $123.64.
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