By
Bena Ilyas
April 23rd, 2024
Since Tesla’s bid for Twitter, Musk’s net worth has declined by a massive $70 billion. Musk said that his major focus currently is getting Twitter on the right path.
On Tuesday, November 8, the net worth of the world’s richest man Elon Musk dropped under $200 billion after his recent stock sale in Tesla Inc (NASDAQ: TSLA).
As per the filings submitted to the US Securities and Exchange Commission (SEC), Elon Musk sold 19.5 million more shares of Tesla. worth $3.95 billion. This year in 2022, Musk has offloaded nearly $15 billion worth of TSLA stock. Last year, Musk sold nearly $21 billion worth of Tesla stocks.
Musk has been diverting this month to some key acquisitions, including the $44billion Twitter acquisition. The recent stock sale comes despite Musk telling fans in August 2022 that he was done selling Tesla shares. However, back then Musk was battling the social media firm and was trying to get out of the deal. Later in October, Musk changed his position and proceeded with the $4 billion Twitter acquisition deal.
Like other big companies, Tesla stock has been heading lower throughout this year. While the Nasdaq Composite is down by 33% year-to-date, the TSLA stock price is down 46% since the beginning of 2022.
On Tuesday, the Tesla (NASDAQ: TSLA) stock price corrected by 3% ending at $191. With this, Musk’s fortune also dropped from more than $200 billion to now at $194 billion. Since Tesla’s bid for Twitter, Musk’s net worth has declined by a massive $70 billion.
But despite this, Elon Musk continues to stay the world’s richest man with a current net worth of roughly $40 billion more than the second richest person.
With the news of Musk’s stake sale, investors initially fled Tesla. Wall Street remains concerned that Musk is spreading too thin with his stake sale at a time when Tesla is ramping up production and also facing rising competition.
Elon Musk Focusing on Twitter
From the day of acquiring Twitter last month, Musk has been focused on making the social media platform profitable. He said that all blue tick holders will have to pay a monthly subscription fee of $8 to continue with their privileges. For this, they would also get priority support and exciting new features.
Speaking with hedge fund manager Ron Baron at a conference last week, Musk said that his workload has shot up significantly after the Twitter acquisition. “Once Twitter is set on the right path, I think it is a much easier thing to manage,” he added. Musk has yet to name who shall be the next CEO of Twitter.
“It seems like Elon Musk is spending 100% of the time on Twitter and you know, it might need more capital,” said Jay Hatfield at Infrastructure Capital Management.