It has been two months since Elon Musk has taken over the reins of Twitter. Elon completed the historic $44 billion deal in October 2022. Since then, a lot has changed at Twitter. He implemented many changes to revamp the company and the micro-blogging site. Behind the scenes, the new CEO fired the top-tier executives including the ex-CEO Parag Agrawal. Musk continued sacking the employees as well first, due to losses incurred due to lack of advertisement revenue. And then, he fired many of them for not adhering to his new policies.
On the platform, Musk has brought many changes. He adopted the trial-and-error method to suit the app as per his vision which seemed blurry in the initial stages. The tech mogul introduced a $7.99 monthly subscription fee for the blue checkmarks to authenticate the real accounts. But, it proved a disaster due to the emergence of many impersonating accounts causing mayhem on the platform. Later, he reintroduced it with exclusive features and demarcated colors for certain accounts. However, while doing so, he did not gain much from it, rather, he lost a lot of money before and after the Twitter deal.
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Elon Musk Lost A Lot Of Money Compared To Other Billionaires In The World In 2022
The tech industry went through a flux due to post-pandemic and the looming fear of incoming inflation. When the world was cramped in the confines of the home, technology played a major role. The industry over-sighted the future and opened the employment floodgates. But, the quarterly reports were disappointing for companies all over. Many streaming platforms, social media companies, media giants, and others have faced the brunt of over sightedness. The companies reduced the head counts and executed mass layoffs.
Forbes has released a report on how much money American billionaires lost in 2022. According to its report, the billionaires have lost $669 billion, collectively. But, the biggest contributor to this loss is the new CEO of Twitter, Elon Musk. Musk’s net worth plunged about $115 billion. The Chairman and the CEO of LVMH became the richest man on the planet replacing Elon Musk. Twitter has proved financially fatal for him. To acquire the platform, he sold Tesla stocks worth $4 billion. Musk funded his deal mostly by selling his Tesla stocks and funding from external sources like equity investments.
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Tesla Has Been Affected The Most With The Billionaire’s Twitter Venture
On December 28th, 2022, Tesla stocks plunged further to $109.10. It has been hitting low for a very long time. The shareholders have also been sensing disastrous results following the extra attention that Musk is giving his new venture. One of the largest shareholders in Tesla, Leo KoGuan said in a tweet that the board has to “perform shock therapy to resuscitate stock price”.
The consumers have also brought many complaints about the car’s build which includes the inferior tail lights and airbags. Morning Consult, in November 2022, conducted a survey of US adults about their trust and favorability towards a brand according to their political leanings.
Musk’s electric venture has displayed poor performance. Initially, the Democrats were in big numbers buying Tesla compared to the Republicans. But, eventually, there was just a slight increase in Republicans buying Tesla, but there was a huge dip in Democrats buying the vehicle.
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