Elon Musk issues urgent warning to ALL Americans over ‘owning physical objects’ in 2022
BILLIONAIRE space tycoon Elon Musk has revealed how to manage your money when inflation soars.
In a tweet to his 78million followers, Musk urged Americans to focus on "owning physical products" – rather than hoarding dollars.
"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," explained Musk, the world's richest person.
In 2020, Musk promised to most of his physical possessions and sold his last home in 2021.
Ex-partner Grimes Musk sometimes "lives below the poverty line".
Despite urging his followers to focus on owning physical goods, Musk tweeted that he wouldn't sell his virtual crypto holdings.
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Musk has an estimated net worth of $206billion, according to Bloomberg – but has still faced money troubles in recent months.
The billionaire's car giant Tesla has faced a spike in the price of raw materials like metals and wiring cables as a consequence of the conflict in Ukraine.
reported that Russia is a “significant supplier of automotive-grade metals” and sanctions have made buying a car, electric or otherwise, an even greater challenge.
Tesla’s stock has dipped below $800 a share for the first time since October 2021.
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But the electric car company isn’t the only jewel in Musk's crown.
Dogecoin, the super-memed cryptocurrency that Musk has touted, is down from its 2021 high of $0.74 per coin to just $0.11.
Tesla accepts Dogecoin as payment for and will accept Dogecoin at .
The business tycoon has the ability to with a single tweet, a twisted blend of interests that of the Securities and Exchange Commission.
Musk has stake in Bitcoin, Ethereum and Dogecoin but reminded followers "don’t bet the farm on crypto!" in a 2021 .
He also runs SpaceX, which turned over a mammoth $1.5billion in revenue in 2021.
Musk's fortune grew by $121billion last year, allowing him to overtake Amazon's Jeff Bezos as the world's richest person.
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Energy expenses are the leading surge in prices as the reports that inflation is up 7.9%.
Some of the ways to mitigate the damage of inflation include cutting cable in favor of select streaming services, saving fuel by working remotely when able and talking to banks about a refinancing plan.
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