Elon Musk’s advice on stocks after Twitter deal: ‘Don’t panic when market does’
Elon Musk has ventured into many businesses and the billionaire has seen his share of failures and success over decades.
World’s richest person Elon Musk has been putting out no-holds barred tweets on the social media platform ever since he clinched the $ 44 billion deal last week, one of the biggest in the world of tech in recent times. Now, the 50-year-old tycoon has shared business advice on buying and selling stocks. “Since I’ve been asked a lot: Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term. (sic),” Musk tweeted out to over 89 million followers.The tech tycoon has sold $8.5 billion worth of shares in the last few days after his latest acquisition. Earlier this week, Tesla shares closed down 12%, the biggest single-day drop since September 2020, news agency AP reported. Twiter is set to become a privately owned firm with the completion of takeover, expected by the end of this year. While most big business deals gain attention for numbers, this one has intrigued people for more reasons than one. The deal came through despite a ‘poison pill’ defence tactic adopted by the board earlier in April. According to an official statement, “under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.”
Since I’ve been asked a lot:Buy stock in several companies that make products & services that *you* believe in.Only sell if you think their products & services are trending worse. Don’t panic when the market does.This will serve you well in the long-term.— Elon Musk (@elonmusk) May 1, 2022
Elon Musk, who came to prominence with his dream of colonising the space, has called himself a “free speech absolutist” while trying to justify his move to buy one of the most prominent social media networks of the world.But there are huge concerns over a likely end to moderation of the content among the rights groups.While Musk has also been trying to explain his shift from left to right on the political spectrum, he is also being acknowledged for his big business ambitions.Born in South Africa, the billionaire has ventured into many businesses and has seen his share of failures and successes – over a span of three decades- before his space ambitions turned into a reality.
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