Elon Musk: No sales of Tesla shares in the coming years

Tesla boss Elon Musk has promised not to sell any shares in the electric car brand in the coming year. That will probably also be the case in 2024, Musk said during an audio session on the social media platform Twitter, which he also owns.

Musk has sold billions of dollars worth of Tesla stock this year, a total of four times. He did so despite previous pledges not to sell any more Tesla stock.

The sale of Tesla shares “benefited” Twitter.

The proceeds from the sales benefited, among other things, the takeover of Twitter, for which Musk paid 44 billion dollars (equivalent to around 41 billion euros). Partly due to this sale, Tesla’s market value fell below the $400 billion mark on Thursday. In November last year, the car company was worth just over 1.2 trillion dollars.

Frenchman Bernard Arnault has succeeded Musk as the richest man in the world. He owns the luxury group LVMH, which owns fashion houses such as Louis Vuitton, Christian Dior and Fendi, but also various spirits brands such as the champagne house Moët & Chandon and the cognac brand Hennessy.

consultation

Tesla is struggling with falling demand for its expensive electric cars, partly because of high inflation. But the company is also suffering from increased competition as more traditional automakers roll out electric models. In the past year, many Chinese competitors have joined them, and the other Asian, European and American manufacturers are not standing still either.

Incidentally, the declining demand for Tesla’s current models is offset by demand for the Cybertruck, which has not yet been produced. In fact, as a Dutchman you are not allowed to order the Cybertruck. This is due to the gigantic queue. Elon Musk claimed in 2019 that 200,000 people reserved the car by transferring 100 euros. At the last reservation figures reported by the CEO (June 2020), the number of customers queuing was more than 650,000.