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But the truth is a little more nuanced.
Here are six reasons why you might not want tolook to Elon Musk for money advice.
Questionable Cryptocurrency Decisions
Its no secret that Elon Musk has had some serious influence on cryptocurrency.
Take dogecoin, for example.
It started out as a cryptocurrency based on a meme back in 2013.
But thanks to Musks encouragement, it went far beyond that.
In January 2021, dogecoin went up by about 800% in a 24-hour period.
Whether or not Musk did is somewhat irrelevant, considering how much he already has.
If youre going to invest in cryptocurrency, be aware of the risk as well as the potential reward.
Taking calculated risks and making informed decisions, after all, tends to be a wiser strategy.
Bureau of Labor Statistics, the annual mean wage in the U.S. was $65,470 in 2023.
The Twitter Debacle
Musk purchased Twitter, now X, for roughly $44 billion.
Shortly after that, he turned it into a privately-held company.
Because of this, its hard to say what its exact value is today.
However, estimates put its shares at being worth 71.5% less than they were before Musk purchased it.
Thats a serious loss for most people.
Its also a potential sign ofpoor planning and impulse control.
Elon Musk can afford the fallout.
Youll have to ask yourself whether you’ve got the option to, as well.
If youre looking for someone to get business advice from, Musk might be worth listening to.
Just know that he didnt start out with nothing.
Everyones Journey Is Their Own
Ultimately, everyones journey is unique to themselves.
Or it might not.
Since everyones path is different, you should take other peoples advice with a grain of salt.
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