Elon Musk's stock-picking advice: 'Don't panic when the market does'

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Tesla and SpaceX CEO Elon Musk gave stock-picking advice Sunday.Yasin Ozturk/Anadolu Agency via Getty Images

  • Elon Musk made a foray into stock-picking advice Sunday.

  • The Tesla and SpaceX CEO told his Twitter followers not to “panic” when the market does.

  • Musk has previously advised buying stocks when inflation is high.

Elon Musk made a foray into stock-picking advice Sunday, advising his Twitter followers to buy companies that make products they “believe in” and not to “panic” when the market does.

“Buy stock in several companies that make products & services that you believe in,” the Tesla and SpaceX CEO tweeted. “Only sell if you think their products & services are trending worse. Don’t panic when the market does.”

He added: “This will serve you well in the long-term.”

Musk’s tweet was posted Sunday after the Berkshire Hathaway annual shareholder meeting Saturday, at which Warren Buffett and Charlie Munger called out stock-market gamblers, dismissed bitcoin as worthless, and underlined the risks of inflation.

Buffett and Munger are longstanding skeptics of bitcoin and digital currencies whereas Musk is closer to an evangelist.

Musk’s Sunday tweet was posted shortly after he commented on a video from Saturday’s Berkshire Hathaway meeting, in which Buffett was discussing the merits of bitcoin.

It’s not the first time Musk has given advice about buying stocks.

In March, after discussing the likely path for inflation, Musk said that it was “generally better to own physical things like a home or stock in companies” than dollars “when inflation is high.”

He added: “I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.”

Musk last week struck a deal to take Twitter private for $44 billion after meeting initial resistance from the social-media giant’s board.

Musk has said he wants to “make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans.”

The deal is expected to close in 2022, pending approval by shareholders and other regulatory hurdles, Twitter previously said.

Read the original article on Business Insider