Elon Musk is the new Oracle.
This title, which is accompanied by the respect of both Wall Street and Main Street, was previously attributed to Warren Buffett, 91, who is now known as the Oracle of Omaha.
Get Berkshire Hathaway Inc. Class A Report has evolved over the years into a sort of pilgrimage for his loyal supporters who often make trips to all parts of the world to see him and see him, as well as his business partner Charlie Munger. Each of his financial advice is dissected and interpretable. Both bosses and amateur investors are attempting to implement his recommendations and opinions.
If many investors and CEOs courted Buffett in the hope of being designated "heirs" for decades, no figure has ever gotten established.
Elon Musk made the transition to Buffett on the evening of Berkshire Hathaway''s shareholder meeting, the first in person since the Covid-19 epidemic.
Musk Embraces His New Status
Quite a symbol!
He is also aware that he makes his every decision well. It is therefore not insignificant that he used Buffett''s day of celebration to fully understand Oracle''s role as he has already been dubbed a new era.
The serial entrepreneur will therefore now provide financial advice to those who contact him for advice. His communication and his actions, which were already closely watched, will be even greater.
"It''s obvious that I''ve been asked a lot: buy stock in several companies that produce *you* believe in," Musk wrote on Twitter in the early morning on May 1.
"Only sell if you believe your products & services are trending worse," Musk said. "This will serve you well in the long-term."
At the time of writing, the tweet had already been shared over 450,000 times.
Since the end of 2021, we will now have to begin declaring The Oracle of Austin, Tesla''s headquarters, and the city in which Musk now lives, not far from SpaceX, the aerospace company he founded to conquer Mars.
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The Oracle is the answer given by the Godsto a personal question pertaining to the future, which most often requires a word. By extension, the term "oracle" is the person who gives the answer as well as the sacred place where the answer is given.
So, it''s no surprise that Twitter users began choking Musk with questions about the best investments after the tech mogul put on his oracle clothes.
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"What''s the value of real estate, is it worthwhile investment," one user said.
"Elon I put all my life savings into Doge coin when it was 70 years old, and I''ve been holding since," another added, referring to Dogecoin, Musk''s favorite cryptocurrency. "Ive had to take a second mortgage out against my house, sell my car, and donate plasma to make ends meet. Do I continue the Hodl?"
"What do you think about metaverse/digital land purchases?" one user asked the billionaire.
Musk didn''t answer these questions, but his very first advice as an oracle was taken as gospel by some followers.
"Invest in what you love is excellent advice to live by," said Lex Fridman, who is on the subject of a podcast where Elon Musk has already been invited.
"Those are simple, efficient methods," another user said.
Musk Blasts Index Funds
In an exchange founded by Marc Andreessen, Musk criticized index funds shortly before becoming Oracle.
"They are mostly not applying pressure, rather their managerial officers, like professional investment managers. See for example Larry Fink, who owns 0.0000001% of his capital he speaks for," Andreessen wrote, refering to BlackRock''s CEO.
"Exact, decisions are being made on behalf of actual shareholders, which are contrary to their interests!" Musk said. "Major problem with index/passive funds."
When a user agrees with him, he states, "the reason why the market reflects the fundamentals of companies is because arbitrageurs (active investors) make it so. What happens when everyone is passive?" Musk didn''t hesitate.
"There should be a return to active investment," Musk said. "Passive has gone too far."
Musk has already managed to persuade Wall Street as demonstrated by his continuing acquisition of Twitter (TWTR) - Get Twitter, Inc. Reportfor $44 billion. According to press reports, the CEO of Tesla (TSLA) - Get Tesla Inc Reporthas secured a significant share of investment banks without providing specifics on his Twitter business model for example.
The huge Tesla market capitalization, which is currently at $902.11 billion, is also fueled by confidence and trust in Musk.
A car business is nowhere near.