Concerned Tesla Inc. shareholders sold their shares as Elon Musk’s attention shifts to Twitter, bringing the billionaire’s net worth below $200 billion.
They allegedly dumped their shares of the company out of concern that Musk, the company’s CEO and main shareholder, is becoming increasingly focused on Twitter.
According to Reuters, since his bid for Twitter in April, the company’s valuation has dropped by nearly half, and his personal wealth has dropped by $70 billion.
According to Forbes, Musk’s current net worth is $194.8 billion with a significant portion of that coming from his 15% stake in Tesla which has a market value of $622 billion.
Musk hasn’t tweeted much about Tesla since acquiring Twitter, despite the fact that this is what drew him followers on the platform. Instead, he used Twitter to announce his plans for the social network.
Last month, a $33.5 billion equity commitment and a $13 billion loan commitment were required to close the contentious $44 billion Twitter deal.
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