Tesla Shares rose slightly in after-hours trading on Thursday after CEO Elon Musk promised not to sell any more shares of the electric carmaker.
The Tesla CEO has previously stated that he has finished selling Tesla. In April, after selling about worth $8.5 billion for Tesla stock, Musk pledged that he would not sell any more Tesla shares.
Then Musk sold the stock three more times: sell worth 6.9 billion USD in August, worth 4 billion USD in November and another $3.5 billion last week. In total, Musk sold about worth 39 billion USD of Tesla stock since its November 2021 peak.
Tesla shares rose about 1.2% in after-hours trading after Musk made his pledge, paring an 8.9% decline in U.S. trading hours. Tesla shares have fallen about 16.6% since the weekend.
The electric carmaker has slipped off last year’s highs, when it was one of the few companies to break $1 trillion in market value. Tesla stock is down 69.2% since its November 2021 peak and earlier this week, ExxonMobil overcome Tesla by market value.
Tesla shareholders say one of the reasons for the stock’s plunge is that Musk also leads the social media company Twitter. Musk has publicly disagreed, instead blaming the US Federal Reserve’s rate hikes on making cars cheaper and create a bear market. (While some tech stocks, like those of Meta and Amazonfell as much as Tesla, the broader market did not.)
During the Twitter Spaces call, Musk claimed he hasn’t missed “an important Tesla meeting” since taking over as Twitter CEO. He also stated that Tesla is “a much more complex beast” to manage than Twitter, suggesting that the social media platform only “10% complexity” is Tesla.
After losing a poll where 57.5% of respondents offered to resign as Twitter CEO, Musk said he would hand over this position when he found someone “foolish” is enough to take the job, but said he will remain involved in the “software and servers” teams.
Musk raged with some comments on the Twitter Spaces call. After one participant shared concerns that the Tesla CEO’s political views and approach to content moderation on Twitter could hurt Tesla’s brand, Musk said he would not change. anything about his contact information.
“I’m not going to block my view just to boost the stock price,” Musk said.
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