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In the middle of the night, Elon Musk decided it was a good time to offer his advice on investing in the stock market.
The timing may have something to do with the fact that he sold $8.5 billion worth of Tesla stock last week after doubling an earlier sale.
Musk began, “Since I’ve been asked a lot: Buy stock in several companies that make products & services that *you* believe in.”
“Only sell if you think their products & services are trending worse. Don’t panic when the market does,” Musk explained.
Musk then claimed that “This will serve you well in the long-term.”
Tesla investor Dave Lee responded to Musk, “It’s unfortunate that most of your companies are private and people can’t invest in them. I understand why they are private though.”
It’s unfortunate that most of your companies are private and people can’t invest in them. I understand why they are private though.
— Dave Lee (@heydave7) May 1, 2022
Following Musk’s cash out, Tesla stock was down 10% for the week, although it rose slightly on Friday by 3% to 904.54.
Twitter stock remains close to Musk’s purchase price of $54.20 per share as it was up 0.85% at $49.52 on Friday.
The latest Tesla stock sale took place on Thursday and was revealed in a regulatory filing on Friday, Market Insider reported.
The publication also noted that it follows $4 billion in sales that occurred on Tuesday and Wednesday that were disclosed in a filing on Thursday.