Elon Musk gives up Tesla stock sale

Musk, who founded the automotive maker, was speaking in an audio conversation on Twitter Space when he said the economy is likely to be in a “serious recession” next year.

Tesla's board is open to the possibility of turning the shares, he said, but it will depend on how bad the recession is.

The billionaire, who also owns Twitter and SpaceX, has earlier said he would no longer sell Tesla shares but continued to do otherwise.

In April, he sold approximately $4 billion of Tesla shares and then said “would not have more planned sales after today”, but he sold large shares several times since then.

Last week, he announced that he sold his shares with a total of $3.6 billion.

“I had to sell several shares to make sure, to be comfortable with the worst scenario,” he said.

Tesla's shares have dropped by almost 70% this year so far, amid investor concern that Musk has suffered a decline in shares from Twitter events since taking over the platform in October.

Despite that, Musk said Twitter is a relatively simple company to run, saying it is “probably 10% of the complexity of Tesla”.

Musk spent 44 billion dollars buying Twitter, pledging to improve the platform by false accounts and improve freedom of speech, but has not been an easy trip.

He has made a number of controversial policy decisions and many major advertisers have abandoned the platform as concern increases in its direction, and its ability to pay interest in the $13 billion debt Musk received to buy it. /abcnews. al