Elon Musk is the new Oracle.
Accompanied by the deference of both Wall Street and Main Street, this nickname was previously attributed to legendary investor Warren Buffett, 91, who has been dubbed the Oracle of Omaha.
Buffett has inspired such respect, admiration and dedication that his Berkshire Hathaway group’s contributors have met (BRK.A) – Get a Berkshire Hathaway Inc. report. from first class He’s turned over the years into a kind of pilgrimage to his group of fans who often take a trip around the world to hear and see him, as well as his business partner Charlie Munger. Each of his financial advice is dissected and interpreted. Both chiefs and amateur investors are trying to put his recommendations and opinions into practice.
If various investors and CEOs have wooed Buffett for decades, in the hope that they will be named “heirs,” no number will ever work out.
But ironically, it was the evening of the Berkshire Hathaway shareholder meeting, the first in person since the Covid-19 pandemic, that Elon Musk chose to take the baton of succession from Buffett by force.
Musk embraces his new position
Quite an icon!
For observers of Musk, 50, they know the billionaire calculates his every move well. So it doesn’t matter that he chose Buffett’s day of celebration to finally adopt the role of Oracle as his nearly 90 million Twitter followers have pushed him to play for several months now. Basically, the richest man in the world seems to be saying that a new era has begun. The era in which it is centered.
So the serial entrepreneur will now begin to give financial advice to those who come to seek advice from him. His communications and movements, already closely monitored, would be more than that.
“Since I’ve been asked a lot: to buy stock in many companies that make products and services that *you* believe in,” Musk wrote on Twitter in the early morning of May 1st.
“Only sell if you think their products and services are getting worse. Don’t panic when the market is trending,” Musk added. “This will serve you well in the long run.”
The tweet has already been liked over 450,000 times at the time of writing.
We’ll now have to get used to saying The Oracle of Austin, Tesla’s home since the end of 2021 and the city where Musk now resides, isn’t far from SpaceX, the airline he founded to conquer Mars.
Fans love it
In ancient Greece, the patriarch was the answer given by God to a generally personal question concerning the future that often required explanation. By extension, the term “oracle” also refers to the human medium who conveys the answer of the gods as well as the sacred place where the answer is given.
So it’s no surprise that Twitter users start bombarding Musk with questions about the best investments once the tech mogul gets dressed.
Go to follow
“And what about real estate, is it a good investment?” asked one user.
“Elon I put all my life savings into Doge coin when she was 70 and I have kept it since,” another user post, referring to the Dogecoin meme, Musk’s favorite crypto. “I had to take out a second mortgage on my house, sell my car, and donate plasma to cover my living expenses. Should I continue Hoddle?”
“What do you think of metaverse/digital land purchases?” Another billionaire user asked.
Musk didn’t answer these questions, but his first advice as a testator was considered gospel by some fans.
“Investing in what you love is a great tip to live by,” said podcast host Lex Friedman, who was a guest on the podcast.
Another user said “These are good, simple instructions”.
Misk Plasts Index Funds
Shortly before Oracle became official, Musk harshly criticized index funds on an exchange started by tech investor Mark Andreessen.
Andreessen wrote, referring to the CEO of BlackRock.
“Exactly, decisions are made on behalf of the actual shareholders that are against their interests!” Musk commented. “Big problem with indices/negative funds.”
When one user agreed, he added, “The reason the market reverses corporate fundamentals is because auditors (active investors) make it so. So what happens when everyone is negative?” Musk did not hesitate.
“There has to be a shift toward active investing,” Musk said. “The exaggeration has gone too far.”
Musk has already succeeded in persuading Wall Street as evidenced by his continued acquisition of Twitter (TWTR) – Get a Twitter, Inc. report. for $44 billion. According to press reports, Tesla CEO (TSLA) – Get a Tesla Inc . report He got a large portion of the funding from investment banks without providing details of his business model on Twitter for example.
Trust and confidence in Musk is also behind Tesla’s massive market capitalization which is currently $902.11 billion at the time of writing.
There is no closed car group.