PERSONAL FINANCE
In a recent thread while discussing rising inflation, Musk gave his view of which assets to own in today's scenario.
The ongoing financial instability and rising inflation due to the ongoing Russia-Ukraine war and ensuing sanctions is hitting everyone hard. Tesla and SpaceX, two mega corporations founded by the billionaire tech tycoon Elon Musk have been no exception.
Musk, the world’s richest man in 2022, is known to be quite vocal about current events and geopolitics on Twitter. In a recent thread while discussing the rising inflation and its impact on assets, Musk gave his view of which investments are better to own in the current scenario.
Early on Monday, Musk asked his followers on Twitter, “What are your thoughts about probable inflation rate over next few years?” On the same thread Musk admitted after a few hours about the impact on his companies.
“Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics,” he tweeted.
While replying to people’s outlook on the situation in the next few years, Musk opened up with words of wisdom for those seeking advice on the thread. Musk accepted that physical assets are a more realistic option in the current scenario. He wrote, “As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.”
Nevertheless, Musk, a known ally of the cryptocurrencies market, did give a boost to owners of digital assets. He added that for what it’s worth, he still owns and won’t sell his Bitcoin, Ethereum or Dogecoin assets.
Read | Elon Musk's cryptic post makes netizens ponder who is 'Satoshi Nakamoto'
How much property does Elon Musk own?
You will be surprised to know that the world’s richest man, who is worth $219 billion, prefers to stay “financially illiquid”, and rents out his accommodation. Musk’s home is a prefabricated, foldable and tiny house worth a modest $50,000 (around Rs 37.8 lakh). His home is a 400-square fit studio apartment on rent from SpaceX in the Starbase facility in Boca Chica, Texas.
Meanwhile, retail inflation in the US climbed at 7.9 percent in February, the highest figure in 40 years. Back home in India, the wholesale inflation in February reached 13.11 percent, staying in double figures for the eleventh straight month.
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