Tesla Motors, Inc. (NASDAQ: TSLA) – Elon Musk’s mother says the share increase is paid for him to move to Canada

Tesla Inc. (NASDAQ: TSLA) CEO Elon Muskhis investment advice to his Twitter followers on Sunday drew a financial anecdote from his mother Maye Musk also.

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 contest 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 the value.
Maye said she later put the stock in her son’s name and discovered in 1989 that the value had risen to $ 2,000, which she used to send Musk to Canada when he was 1[ads1]7 years old.

A single US dollar is currently worth around 16 South African rands.

See also: Elon Musk tweets investment advice for long term, but followers question his sale of Tesla shares

Why it matters: On Sunday, Musk advised nearly 90 million of his Twitter followers to buy shares in companies that make products and services “they believe in” as a long-term strategy.

The world’s richest man’s council came days after he sold 9.6 million shares in Tesla, worth $ 8.5 billion, probably to finance the purchase of Twitter for $ 44 billion.

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 per share on Friday.

Photo collage via j-No and Nvidia Corp on Flickr

© 2022 Benzinga does not provide investment advice. All rights reserved.

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