Tesla Motors, Inc. (NASDAQ:TSLA) — Elon Musk’s mother says increased inventory prompted him to move to Canada

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.

One US dollar is currently equal to about 16 South African rand.

See also: Elon Musk tweets long-term investment advice, but followers are skeptical about selling Tesla stock

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.

See also  Stocks reverse previous gains to close lower with focus on inflation data

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.

Photo collage via Let’s go And nvidia company on flickr

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Leave a Reply

Your email address will not be published.