Elon Musk has gone through the gamut of the purchase of Twitter. The initial euphoria turned into a dismal lawsuit, personal issues, the buy, and the constant troubles that it has ensued. The new CEO may have become indifferent to the whole shenanigans that followed his historic $44 billion purchase. He has been trying to reinvent the platform and company by introducing radical policies and technical tweaks. But, in doing so, he has also lost an enormous amount of wealth and to a certain extent, credibility.
While making the required changes to Twitter and revamping the company, he overlooked the dire state of his other ventures. Due to the trial-and-error technique, he has been able to bring about the required changes on Twitter, but it is leading to his EV venture Tesla suffering. The shareholders have been disappointed with the performance of the company. Musk has sold Tesla stocks to find the Twitter purchase. The customers have also expressed discontent over the performance of the vehicle. The owner is currently embroiled in a lawsuit. Now, as per reports, the EV company has faced heavy losses in investing in Bitcoin in 2022.
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Elon Musk-Led Tesla Lost $140 Million In 2022 In Bitcoin
Tesla and Elon Musk got badly affected due to the Twitter acquisition funding. The billionaire climbed the ladder to become the richest man on the planet too fast. His wealth skyrocketed making him the second man after Jeff Bezos to have $200 billion in wealth accumulated. Elon’s wealth plummeted to $137 billion when Tesla’s stock started tumbling in the market due to his purchase against the Tesla stakes. In February 2021, Elon declared buying $1.5 billion of digital currency. He has been a strong propagator of Bitcoin.
However, the recent figures, though not substantial, project a loss in the value of Tesla’s Bitcoin shareholdings. As per TechCrunch reports, Tesla did gain $64 million after converting their digital currency into fiat money. However, they faced a loss of $140 million in 2022. However, Elon Musk did not hold the digital shares of the company, instead, he started selling them. In June 2021, Tesla sold 10% of its holdings, and by 2022, it sold three-quarters of its bitcoin purchase.
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The Billionaire Is Facing A Lawsuit Making The False Claim Of Taking Tesla Private
Elon Musk, in 2021, confirmed that customers can make payments via Bitcoin. However, in May 2021, the company pulled out of the decision citing the reason for heavy carbon emissions. However, Elon Musk is now embroiled in a lawsuit filed by the shareholders. It goes back to 2018 when Elon Musk claimed that he is ready with investors and can take Tesla private for $420 a share.
However, the decision did not come to fruition as imagined. Instead, it created market volatility and the stockholders faced heavy losses during that time. The trial began in January 2023 in California. On January 31st, 2023, he asked the court to do away with a lawsuit claiming that he kept Twitter shareholders in the dark after disclosing his real stake in the microblogging site.
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