Elon Musk's net worth falls below $200 billion after he sells $3.95 billion Tesla shares
As Tesla shares fluctuated on Tuesday, Elon Musk, the new owner of Twitter and CEO of Tesla, saw his net worth fall below $200 billion. Investors sold down Tesla Inc. shares because of concern that Musk, who took control last month, is too focused with Twitter.
FollowThe fact that Elon Musk, the richest man in the world and the new owner of Twitter, appears to be so preoccupied with his most recent acquisition has Tesla investors concerned. The billionaire is no longer a member of the $200 billion club after his net worth fell below that amount. He was the lone member.
Investors have sold their Tesla stock out of concern that the company's chief executive and major shareholder, who also happens to be its largest shareholder, is more focused on Twitter than on anything else. Musk serves as the president and CEO of both Tesla Inc. and SpaceX.
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Forbes estimates his current net worth to be $197.4 billion, with a significant portion of it coming from his approximately 15% ownership in Tesla, which has a market value of $622 billion. Since Musk's initial bid for Twitter in April, the firm has lost about half of its market value, and his net worth has decreased by $70 billion, according to Reuters. According to Tuesday's SEC filings, Tesla CEO Musk has also sold over $4 billion worth of company stock. This happens more than a week after he completed the $44 billion purchase of Twitter.
The US Securities and Exchange Commission's records revealed that Musk sold more than 19 million shares worth more than $3.9 billion, having used Tesla stock to pay for a large portion of his Twitter acquisition.
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The 51-year-old billionaire who is the world's richest finalised the $44 billion agreement late last month with a commitment of $33.5 billion in stock and $13 billion in loans. Musk hasn't tweeted much about Tesla since he bought Twitter, despite the fact that this was a strategy that helped him earn followers there. He announced social media firm intentions on Twitter, such as the $8 monthly subscription fee for blue tick verification.
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