Australian rapper The Kid Laroi has revealed the investment advice Tesla CEO Elon Musk gave him.
After appearing alongside Musk on Saturday Night Live earlier this month, the 17-year-old asked him for tips on where to invest his money.
The singer, whose real name is Charlton Howard, told The Kyle and Jackie O Show on Thursday: ‘I asked him, “If you were me, a young artist who is making money and wants to spend it… What would you invest it in?”‘
Tips: Australian rapper The Kid Laroi has revealed the investment advice Tesla CEO Elon Musk gave him when they appeared on Saturday Night Live together earlier this month
Laroi revealed Musk thought about the question for a while, then told him to invest in companies he’s passionate about instead of looking for quick profits.
‘He paused for 15 seconds and looked away, then he said, “I’d put it in something that you love. I would invest your money into a product or something you love because if you’re not a fan of it then how do you expect other people to be a fan of it?”‘ he said.
Laroi, who performed a duet of his hit song Without You with Miley Cyrus on SNL, went on to say he thought the advice was ‘very good’.
It comes after Musk sent the price of Bitcoin tumbling as much as 15 per cent over the weekend with tweets saying his company Tesla would no longer accept the cryptocurrency from customers, citing environmental concerns over the energy used to process transactions.
‘Put it in something that you love’: Laroi revealed Musk thought about the question for a while, then told him to invest in companies he’s passionate about instead of looking for quick profits
Grateful: Laroi, who performed a duet of his hit song Without You with Miley Cyrus on SNL, went on to say he thought the advice was ‘very good’
Dream team: Musk, Cyrus and Laroi were the marquee guests on Saturday Night Live
Tesla holds a reserve of Bitcoin that cost the company about $1.3billion, linking the company’s share price to the volatile cryptocurrency.
On Sunday, Musk suggested in a cryptic tweet that Tesla could have dumped the remainder of its Bitcoin holdings.
But in the early hours of Monday, he tweeted: ‘To clarify speculation, Tesla has not sold any Bitcoin.’
Crashed the market: Musk sent the price of Bitcoin tumbling as much as 15 per cent over the weekend with tweets saying his company Tesla would no longer accept the cryptocurrency from customers
After hitting an all-time high of $64,829.14 last month, the price of Bitcoin dropped below $45,000 for the first time in three months on Monday. The cryptocurrency was at $43,637.90 on Tuesday morning.
Tesla shares also dropped again in early trading on Tuesday, hurt by news that the California Department of Motor Vehicles is reviewing whether Tesla is violating a state regulation by advertising its vehicles as being fully autonomous.
Meanwhile, Bitcoin, the world’s biggest digital currency, has surged five-fold in the past year alone.
Tweets: Last Wednesday, Tesla announced that it would no longer accept Bitcoin as payment, citing environmental concerns
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