Tesla, the company he founded, has lost almost half of its market value, and Musk’s fortune has fallen by $70 billion since he announced the purchase of Twitter.
American entrepreneur Elon Musk’s fortune fell below $200 billion on Tuesday, November 8, as investors drove down Tesla Inc shares on fears that the electric car maker’s top manager and largest shareholder is busier. on Twitter, Reuters reports.
Also according to Forbes, Musk is now worth $194.8 billion, with a large portion of those funds coming from his nearly 15% stake in Tesla, which has a market value of $622 billion.
The company has lost nearly half its market value, and Musk’s fortune has plummeted by $70 billion since he announced the purchase of Twitter in April.
“Elon Musk seems to spend 100% of his time on Twitter and you know he might need more capital,” said Jay Hatfield of Infrastructure Capital Management.
Since buying Twitter, Musk has made very few tweets about Tesla, which has helped him gain popularity on the platform.
Instead, he used Twitter to announce the company’s plans, such as a blue check subscription for $8 a month.
However, the world’s richest man, who also owns SpaceX, remains about $40 billion ahead of the second richest man, LVMH owner Bernard Arnault.
Tesla shares fell 2% to $193.7 in afternoon trading, falling for the third straight session.
Recall that on the eve of Musk announced that Twitter will soon be able to attach long text to tweets.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.