Home News Forbes: Elon Musk lost $ 29 billion after Twitter’s announcement

Forbes: Elon Musk lost $ 29 billion after Twitter’s announcement

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Entrepreneur Elon Musk’s fortune fell by about $ 29 billion the day after the announcement of the acquisition of the Twitter microblogging network. This is highlighted on Wednesday by data from the Forbes Real-Time meter, which assesses in real time the wealth of the richest people in the world.

The billionaire’s net worth fell 10.83% from $ 268 billion to $ 239.2 billion as shares of Tesla’s electric car maker fell 12 percent. Over the course of a day, the company’s market capitalization fell by about $ 130 billion, and Musk’s own losses were nine times higher than the fortune of former US President Donald Trump ($ 3 billion, ranked 1021 on the Forbes list ).

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The sharp drop comes as Musk’s focus on Twitter has recently raised concerns among Tesla shareholders. Investors fear that the entrepreneur will have to mortgage or sell his shares in the company in order to obtain a loan to buy the social network.

“Shareholders are worried that Musk may sell his Tesla shares to pay for a deal with Twitter and that his attention may not be enough to run more companies,” said Dan Yves, an analyst at Wedbush. quoted by Forbes.

However, Elon Musk is still the richest man in the world. Next on the Forbes list, Amazon founder and CEO Jeff Bezos is $ 74 billion behind owner Tesla and SpaceX.

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On April 25, Twitter’s management announced that the entrepreneur would acquire the company for $ 44 billion. According to the US Securities and Exchange Commission, if the billionaire decides to terminate the deal, he will have to pay a $ 1 billion fine to Twitter. The closing date of the transaction is set for October 24, 2022.

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