The comments followed a $40 billion sale of the company’s shares.
After selling about $40 billion worth of shares this year, largely to finance the acquisition of Twitter Inc., Tesla Inc. CEO Elon Musk has stated that he has no intentions to sell shares in the firm during the next two years.
The Tesla stock increased 3.5% in after-market trading on Thursday as a result of Musk’s remarks, and if the increase holds in regular trading on Friday, the stock may break its five-day losing streak.
Musk advocates stock buybacks after the economy stabilizes.
In light of mounting concerns about another recession, the billionaire CEO of Twitter has stated that he supports a Tesla share buyback once the firm gains more assurance about the future of the economy.
Elon Musk declared, “I won’t sell Tesla shares until perhaps two years from now, absolutely not next year under any circumstances, and probably not a year from now.”
Musk stated that he plans to start producing a sizable amount of lithium for use in Tesla electric vehicle batteries at an oil refinery that is currently being built in Texas within the next two years.