Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s investment advice to his Twitter followers on Sunday drew a financial anecdote from his mother Maye Musk as well.
What Happened: The 74-year-old Maye, a former model, shared her first stock story from over five decades ago when she won 100 rands in a beauty competition in South Africa.
She said she had invested the amount in the stock market on the advice of a “broker friend,” but it soon dropped to a tenth of its value.
Maye said she later put the stock in her son’s name and discovered in 1989 that its value had soared to $2,000, which she used to send Musk to Canada when he was 17 years old.
My first stock story is in my book. 1969: Won R100 from a beauty competition. A stockbroker friend told me to put it into the stock market. Dropped to R10. 1971: So disappointed I put it into Elon’s name. 1989: Found it. It was $2000 and paid for @elonmusk to move to Canada😍 https://t.co/6IoAPUphRf
— Maye Musk (@mayemusk) May 1, 2022
A single U.S. dollar is currently equal to about 16 South African rands.
Why It Matters: Musk on Sunday advised nearly 90 million of his Twitter followers to buy stocks in companies that make products and services “they believe in” as a long-term strategy.
The world’s richest man’s advice came days after he sold 9.6 million shares in Tesla, valued at $8.5 billion, likely to fund his $44 billion purchase of Twitter.
Musk’s advice prompted some followers to question his decision to sell shares in Tesla.
Price Action: Tesla closed 0.7% lower at $870.7 a share on Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.