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Musk says he's "definitely" not selling more Tesla stock next year

Elon Musk said Thursday afternoon in a Twitter Spaces

that he’s not selling any Tesla stock next year "under any circumstances."

Details: "I'm not selling any stock for I don’t know a quote minimum of 18 to 24 months. You can count on me — no stock sales til probably I don’t know, 2025 or something," Musk said.

  • "I need to sort of sell some stuff just to make sure like, there's like, powder dry that, you know, to account for a worst case scenario ... You have my commitment that I won’t sell stock until, I don’t know, probably two years from now. Definitely not next year under any circumstances and you know, probably not the year thereafter."
  • And as Musk started to say he's "somewhat paranoid, having gone through, to really attach," he was cut off by other speakers.

Why it matters: Musk needs to assure Tesla investors that he's not harming one of his companies to support another.

  • Specifically, he's been trying to reinforce his commitment to Tesla as he's sold $23 billion worth of Tesla stock in 2022 to "save" Twitter's business. He's offloaded nearly $7 billion after taking over Twitter in late October.
  • Investors have grown increasingly worried about Musk being distracted with running Twitter, as well as about reputation contagion from the saga rubbing off on Tesla.
  • Some would-be Tesla owners reportedly canceled their preorders and terminated their car leases after growing tired of Musk's behavior on Twitter and his leadership of Twitter.
  • "When you have this much negative information about anything, that's going to affect consumer decision making to some degree," one person in the audio chat noted.

The big picture: At one point, close to 60,000 accounts were shown to have listened in on Thursday concurrently.

  • The chat featured several Tesla bulls and enthusiasts, including investor Ross Gerber, who prompted Musk to address his commitment to Tesla.
  • "I just want you back at Tesla and I just miss you, Elon … there’s a huge community of people who want to know ... how long is this going to be," said Gerber, referring to the time and attention Musk has piled into Twitter.
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