Tesla Motors, Inc. (NASDAQ:TSLA) — Elon Musk’s mother says increased inventory prompted him to move to Canada

Tesla Corporation (NASDAQ: TSLA) Executive Director Elon MuskThe investment advice he gave his Twitter followers on Sunday sparked a financial anecdote from his mother water musk also.

What happened: The 74-year-old, a former model, shared her first stock story more than five decades ago when she won R100 at a beauty pageant in South Africa.
She said that she invested the amount in the stock exchange on the advice of a “broker friend”, but it soon fell to a tenth of its value.
May said she later put the stock in her son’s name and discovered in 1989 that its value had risen to $2,000, which she used to send Musk to Canada when he was 17.

One US dollar is currently equal to about 16 South African Rand.

See also: Elon Musk tweets long-term investment advice, but followers are skeptical about selling Tesla stock

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

The advice to the world’s richest man came days after he sold 9.6 million Tesla shares, worth $8.5 billion, likely to fund Twitter’s $44 billion purchase.

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Musk’s advice prompted some followers to question his decision to sell shares in Tesla.

price movement: Tesla closed 0.7% lower at $870.7 a share on Friday.

Photo collage via Let’s go And nvidia company on flickr

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