Elon Musk offers stock picking advice for investors
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Tesla CEO Elon Musk has advised investors to buy stock in several companies that make products and services they believe in.
"Only sell if you think their products & services are trending worse," Musk tweeted on Sunday. "Don’t panic when the market does. This will serve you well in the long-term."
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Musk is the world's richest person with a net worth of approximately $242.5 billion, per real-time tracking by Forbes. Most of his wealth is tied to Tesla shares.
His latest advice comes after he previously told his millions of Twitter followers in March that it is "generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high."
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The comments also coincided with Berkshire Hathaway's annual meeting, where chairman Warren Buffett compared Wall Street to gamblers and said he would trust monkeys over financial advisers. In addition, he and Berkshire's vice chairman Charlie Munger knocked the world's largest cryptocurrency, Bitcoin.
|BRK.A||BERKSHIRE HATHAWAY INC.||484,340.00||-14,660.00||-2.94%|
"If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another," Buffett said. "It isn’t going to do anything."
Musk, who still owns and won't sell his Bitcoin, Ethereum or Dogecoin, replied to Buffett's remarks on Twitter, writing "Haha he says "Bitcoin" so many times."
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In addition to his efforts at SpaceX, Tesla, The Boring Company and Neuralink, Musk recently entered into an agreement to acquire Twitter for $44 billion.
The deal is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.
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