New Delhi: Elon Musk, who is the richest man in the world, on Sunday shared some investment advice on when to buy and sell stocks.
According to Musk, he’s been asked a lot about how to increase one’s wealth.
And his biggest advice: “Don’t panic when the market does,” Musk wrote on Twitter.
Musk advised people to buy stocks in companies that make products and services they believe in.
“Since I’ve been asked a lot: Buy stock in several companies that make products & services that you believe in.”
Musk noted that people should sell their stocks only if they “think their products & services are trending worse”.
“This will serve you well in the long-term,” Musk shared the investment tips with his nearly 90 million followers.
According to the 2022 Forbes real-time billionaires list, Musk is the richest man in the world, with a net worth of $268.2 billion.
The owner of Tesla and SpaceX recently took over microblogging platform Twitter in a $44 billion deal.
Musk has also sold around 4.4 million shares of the company worth around $4 billion. The money could possibly go towards acquiring the micro-blogging platform, as Musk has to shell out $21 billion in his own personal capacity.
As part of the deal, Morgan Stanley and other financial institutions have committed to providing $13 billion in financing, along with $12.5 billion in margin loans to Musk, against his shares in Tesla and other companies.
Musk is expected to provide equity financing of approximately $21 billion on his own.
The value of the latest Tesla stock sales by Musk, filed with the US Securities and Exchange Commission (SEC), is around $4 billion.
Meanwhile, Twitter last week reported an operating loss of $128 million on revenue of $1.2 billion and net income of $513 million in the first quarter of this year, its last quarterly result before Musk takes over.
The company said it now has 229 million average monetisable daily active usage (mDAU) in the March quarter, up 15.9 per cent from the same period last year.