Elon Musk, the world’s richest man, shared some investment advice on when to buy and sell stocks on Sunday.
According to Musk, he is frequently asked how to increase one’s wealth.
And his most important piece of advice: “Don’t panic when the market panics,” Musk wrote on Twitter.
Musk advised people to invest in companies that produce products and services in which they have faith.
“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.
Musk is the richest man in the world, according to the 2022 Forbes real-time billionaires list, with a net worth of $268.2 billion.
In a $44 billion deal, Tesla and SpaceX’s owner acquired microblogging platform Twitter.
Musk has also sold approximately 4.4 million shares of the company worth approximately $4 billion. As Musk must pay $21 billion in his personal capacity, the funds could be used to acquire the microblogging platform.
Morgan Stanley and other financial institutions have committed to providing $13 billion in financing, as well as $12.5 billion in margin loans to Musk, against his shares in Tesla and other companies, as part of the agreement.
Musk is expected to provide $21 billion in equity financing on his own.
Musk’s most recent Tesla stock sales, as reported to the US Securities and Exchange Commission (SEC), are worth around $4 billion.
Meanwhile, Twitter reported an operating loss of $128 million on $1.2 billion in revenue and a net profit of $513 million in the first quarter of this year, its final quarterly result before Musk takes over.
In the March quarter, the company reported 229 million average monetisable daily active usage (mDAU), a 15.9% increase over the same period last year.