Tesla Corporation (NASDAQ: TSLA) Executive Director Elon MuskThe investment advice he gave his Twitter followers on Sunday sparked a financial anecdote from his mother water musk also.
What happened: The 74-year-old, a former model, shared her first stock story over five decades ago when she won R100 at a beauty pageant in South Africa.
She said that she invested the amount in the stock exchange on the advice of a “broker friend”, but it soon fell to a tenth of its value.
May said she later put the stock in her son’s name and discovered in 1989 that its value had risen to $2,000, which she used to send Musk to Canada when he was 17.
My first story is in my book. 1969: She won the R100 in a beauty contest. A stockbroker friend told me to put it in the stock market. Dropped to R10. 1971: I was very disappointed in the name Elon. 1989: I found it. It was $2000 and paid for it Tweet embed To move to Canada https://t.co/6IoAPUphRf
– mayemusk May 1, 2022
One US dollar is currently equal to about 16 South African rand.
why does it matter: On Sunday, Musk advised his nearly 90 million Twitter followers to buy stock in companies that make products and services they “believe in” as a long-term strategy.
The advice to the world’s richest man came days after he sold 9.6 million Tesla shares, worth $8.5 billion, likely to fund Twitter’s $44 billion purchase.
Musk’s advice has led some followers to question his decision to sell shares in Tesla.
price movement: Tesla closed 0.7% lower at $870.7 a share on Friday.
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