The world’s richest man, Elon Musk, has been posting on social media since landing a $44 billion deal last week, one of the biggest in the tech world in recent times. Now, the 50-year-old mogul has shared business tips for buying and selling stocks. “Since I’ve been asked a lot: Buy shares in several companies that make products and services that *you* believe in. Sell only if you think their products and services are trending worse. Don’t panic when the market does. It will serve you well in the long run.
The tech mogul has sold $8.5 billion worth of stock in the past few days following its latest purchase. Earlier this week, Tesla shares closed down 12%, the biggest one-day drop since September 2020, the AP news agency reported.
Twitter is set to become a privately held firm upon completion of the acquisition, which is expected later this year. While most big business deals draw attention to the numbers, this one has intrigued people for more than one reason. The deal came despite a defensive ‘poison pill’ tactic adopted by the board in early April.
According to an official statement, “under the terms of the agreement, Twitter shareholders will receive $54.20 in cash for each share of Twitter common stock they own after the closing of the proposed transaction.”
Elon Musk, who rose to fame with his dream of colonizing space, has called himself a “free speech absolutist” as he tries to justify his move to buy one of the most prominent social media networks in the world. world.
But there are major concerns about a potential end to content moderation among rights groups.
While Musk has also tried to explain his shift from the left to the right on the political spectrum, he is also being recognized for his big business ambitions.
Born in South Africa, the billionaire ventured into many businesses and saw his share of failures and successes – over a span of three decades – before his space ambitions turned into reality.
