Elon Musk, the CEO of Tesla, is the world’s richest man, so it’s no wonder that he’s frequently approached for financial advice.
On May 1, he shared some investment advice with his over 90 million Twitter followers. Elon Musk recommended people to invest in firms whose products and services they support.
And when should they sell? Only if they believe the products of companies in which they have invested are deteriorating, according to Musk. “Don’t panic when the market does,” he continued.
Musk assured his fans that his suggestions would benefit them in the long run.
Last week, the CEO of Tesla and SpaceX made the greatest headlines when Twitter’s board of directors announced that it would sell the social network to him for $44 billion.
The globe has been greatly split as a result of this evolution. While some social media users were pleased to hear Musk declare he intended to make Twitter a safe sanctuary for free speech, others expressed concern about how modifications to the social network’s regulations could effect online safety for marginalized groups.
The transaction has divided sentiments among Twitter’s founders as well. Musk’s takeover has been approved by Jack Dorsey, who calls him the “singular solution” to the company’s difficulties.
“I don’t believe anyone should own or run Twitter in principle,” he says “After Twitter’s major announcement, Dorsey said. “It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.”
Musk has been described as a “genius” by Evan Williams, who also acknowledged the polarizing opinions about him.
“I think what we’re seeing is people project either their hopes and dreams or their worst nightmares,” he remarked last week at a Fortune magazine event. “And it’s like Elon and Web3 are the same.”
Musk received $46.5 billion in investment on April 20. The money came from a combination of $12.5 billion in loans secured by Musk’s Tesla stock and $21 billion in equity financing, such as the sale of Tesla stock. It was reported on April 25 that Twitter was ready to accept Musk’s offer.
In response to the deal, Tesla’s stock plummeted by more than $125 billion the next day, forcing Musk to lose almost $30 billion in value. He then tweeted his 86 million followers, criticizing Twitter boss Vijaya Gadde’s policies, prompting some of them to attack her in a sexist and racist manner.