“Tesla (TSLA.O) Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for about two years.

“While speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a “serious recession” in 2023 and demand for big-ticket items will be lower.

“His comments came after a Tesla stock sell-off deepened on Thursday over worries about softening demand for electric cars and Musk’s distraction with Twitter and his stock sales.

“”I won’t sell stock until I don’t know probably two years from now. Definitely not next year under any circumstances and probably not the year thereafter,” Musk said.

“Shares of Tesla rose 3% to $129.23 in after-hours trading on Thursday following an 8.9% drop in regular trading hours.”

Read more at Reuters