Elon Musk has been in the news quite often recently, after the acquisition of the social media platform Twitter. The Tesla CEO finalized the $40 million purchase this October. As claimed by Musk, he bought the microblogging site not to make more money, but to help humanity and make it better. However, did his net worth just drop below $200 billion?
Ever since the acquisition, Musk has been trying to revamp many things in the platform. He started by firing almost half of its employees, including the former chief executive. After that, he put up a fee of $8 for every user who wished to keep their ‘blue tick’ of the verification badge.
Also Read: “Hope Servers Don’t Melt”: Elon Musk Declares Twitter Usage Is At An All-Time High
Did Elon Musk’s Net Worth Suddenly Decrease Below $200 Billion?
It seems that according to reports, Tesla CEO Elon Musk just saw his net worth fall below $200 billion for the first time. The news was first shared by Forbes, which reported that the shares of Tesla have hit a 52-week low in early morning trading. This has led to Musk’s net worth dropping to around $195.6 billion.
Elon Musk’s net worth dropped by over $74 billion. As mentioned in many leading news sites, Musk’s recent acquisition of Twitter has impacted Tesla’s stock to suffer this drop. Analyst Garret Nelson who is a CFRA Research apparently told Forbes, “There are growing concerns that Twitter is turning into more of a distraction for Musk than most anticipated prior to the deal closing.”
What Other Financial Decisions Might Have Led To This Drop?
In July 2022, Elon Musk’s fortune decreased by almost $62 billion. In the meantime, Musk is also said to have sold nearly $4 billion worth of shares in the electric car company, a week after he closed his deal with Twitter.
Musk is said to have financed much of his Twitter purchase with Tesla stocks. As shown by documents of the US Securities and Exchange Commissions, Musk sold more than $19 million worth of shares in Tesla over $3.9 billion.
Anyhow, even after all this drop, Elon Musk still continues to be the most richest man in the world.
Also Read: “I’ve Made A Mistake. Please Help”: Doja Cat Requests Elon Musk To Help Her As She Fears Suspension
