Tesla up 2% afterhours as CEO Elon Musk says he will pause his share sales for two years
Win McNamee


Tesla Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for about two years.
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 sell-off 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."

Read the latest breakdowns on Tesla (NASDAQ:TSLA) from Seeking Alpha authors - including a Buy rating, Hold rating, and Strong Sell rating being doled out in the last week.
The Seeking Alpha Valuation Grade on Tesla is still stuck at D-.

Shares of Tesla rose 2% to $126.85 in after-hours trading on Thursday following 9.6% drop in regular trading hours.