Maye Musk shared an example of Elon Musk’s investment philosophy in action.
The Tesla CEO said on Sunday that investors should buy stock they “believe in” and not “panic.”
The model said her son gave her similar stock-picking advice when he was 14 years old.
Maye Musk said her son has been sharing investment advice with her since he was 14 years old.
The 74-year-old model said on Sunday that over 35 years ago Elon Musk asked her to buy stock in a company he “really believed in,” despite advice from a stockbroker friend who said the investment was a “bad idea.”
Elon Musk’s mother shared the anecdote on Twitter after her son provided some stock-picking advice. The richest man in the world told his Twitter followers to buy stock in companies that make products they “believe in” and not to “panic” when the market does.
Maye Musk shared an illustration of the tycoon’s venture reasoning in real life. The model expressed that during the 1980s she contributed around 1,000 South African Rands, comparable to about $1000 US dollars, into the stock her child suggested. It was the most she was able to lose on the stock, she said.
In any case, Elon Musk’s confidence in the organization immediately paid off and the venture significantly increased, Maye Musk said. As the stock climbed, the model said she “overreacted” and sold her portions.
“You were distraught,” Maye Musk said on Twitter, addressing the tweet straightforwardly to her child. “That stock kept on rising. You additionally thought it was unjustifiable that I split the rewards between you, @kimbal and @ToscaMusk.”
Maye Musk didn’t indicate how rapidly the stock cost rose from 1,000 South African Rands to 3,000 or which organization Elon Musk requested that she put resources into. A representative for the model declined to remark on the issue and said Maye Musk doesn’t regularly remark on family collaborations.
Elon Musk’s recommendation came only days after he sold 9.6 million offers in Tesla, esteemed at $8.5 billion. The auction is probably going to support his $44 billion acquisition of Twitter.
It was not the first time the richest man in the world shared investing advice. Earlier this year, Elon Musk said it was “generally better to own physical things like a home or stock in companies” than dollars “when inflation is high.”
Maye Musk expanded on her experiences in investing on Twitter. She said on Sunday that she bought her first stock in 1969 for 100 South African Rands and later put it under Elon Musk’s name in 1971 when he was born. The same stock helped the Tesla founder move from South Africa to Canada in 1989.
In a previous interview with Insider, Maye Musk emphasized that she helped her children grow by encouraging them to pursue their individual interests. During his childhood, the Tesla founder expressed a deep interest in books and computer programming. In April, Elon Musk said during a TED conference that his success has largely been driven by his desire to answer key questions surrounding the meaning of life.
The model and mother of three wrote about her family, as well as her first experience with the stock market in her book “A Woman Makes a Plan.”