Elon Musk: Concerned Tesla Inc. owners sold their shares, lowering Elon Musk’s net worth below $200 billion as Twitter increasingly consumes his attention.
They reportedly sold their company stock because they thought Musk, the company’s CEO and largest shareholder, was becoming more and more engaged on Twitter.
According to Reuters, the value of the company has plummeted by roughly half since he made his bid for Twitter in April, and his personal worth has decreased by $70 billion.
Musk’s current net worth
According to Forbes, Musk’s current net worth is estimated to be $194.8 billion, with a sizable amount of it coming from his 15% stake in Tesla, which has a market value of $622 billion.
9.5 million Tesla shares worth $4 billion have reportedly been sold by Musk, according to US Securities and Exchange Commission documents.
According to the SEC filings made public on Tuesday, Musk has sold more than 19 million shares of Tesla worth more than $3.9 billion, according to the AFP news agency. Musk used Tesla stock to pay for a large portion of his Twitter purchase.
Despite the fact that tweeting about Tesla was what initially gained him followers on Twitter, Musk hasn’t mentioned the company much since purchasing the service. Instead, he used Twitter to share his social network’s plans.
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Elon Musk spending 100% of the time on Twitter?
Infrastructure Capital Management’s Jay Hatfield said, “It seems like Elon Musk is spending 100% of the time on Twitter and, you know, it might need more capital.”
The contentious $44 billion Twitter merger required a $33.5 billion stock investment and a $13 billion credit commitment last month to be finalised.
Investors initially left Tesla due to worries over Musk’s stock sale; he had sold more than $15 billion in shares. Currently, Wall Street is worried that Musk has overcommitted himself, according to Reuters, particularly at a time when Tesla, the electric vehicle company, is ramping up production and facing more competition.
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