Shulou(Shulou.com)11/24 Report--

Beijing, December 23 (Xinhua) Elon Musk (Elon Musk) told Tesla investors on Thursday that he would not sell more Tesla shares in the next two years, and that he had recently sold shares only to prepare for a potential recession.

Tesla no longer sells shares Mr Musk said in a Twitter Spaces audio chat on Thursday: "I will not sell any shares for at least the next 18 to 24 months, so you can expect me not to sell shares until 2025. I need to sell some shares (before) to make sure I have spare funds for the worst."

This is not the first time Musk has promised not to sell more Tesla shares this year. Musk wrote on Twitter in August after selling more than $8 billion worth of Tesla shares to finance the Twitter acquisition: "there are no plans to sell Tesla further after today." Earlier this month, however, he sold another $3.6 billion worth of Tesla shares. By Thursday's close, the stock had fallen to a 52-week low.

At the same time, Musk also expressed his views on the macro economy, expressing pessimism about the overall economic outlook for the coming year. "in the long run, this is a natural economic cycle, and frankly, we should have fallen into recession a long time ago," he said. "it is shocking that we have not experienced any major recession since 2009."

Still focused on Tesla some investors worry that as Mr Musk shifts his focus to Twitter, he has left the post of Tesla CEO, causing Tesla's share price to fall further. However, Musk said that since taking the helm of Twitter, he has "not missed an important meeting" at Tesla. He told the audience in a Twitter Spaces chat that he sold Tesla shares because he was "a little paranoid and went through two very severe recessions".

Mr Musk also said Tesla's decision on the share buyback plan might depend on the severity of the recession. "are we talking about a mild recession, a moderate recession or a severe recession? we don't know yet." He said.

In October, Mr Musk said Tesla was likely to make a $5 billion-$10 billion share buyback and said it was likely to make a meaningful buyback. He said the company has discussed such share buybacks at the board level, but has not yet approved the plan.

"the board is very open to share buybacks." Musk said during the chat. However, he added, "it would be unwise to do buybacks and find that the recession is worse than it was in 2009."

Musk revealed that Tesla is close to finalizing the location of another super factory, but did not give details.

Mr Musk has said Tesla could open 10 to 12 new factories to help Tesla increase sales to 20 million vehicles by 2030.

He also said Tesla plans to start refining battery-grade lithium at a factory in Corpus Christi, Texas, in about two years to help the company meet its demand for materials for power batteries.

Tesla shares fell another 8.88 per cent on Thursday. For investors' concerns, Musk said, "the actual execution ability of the company is excellent."

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