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Elon Musk is $8 billion poorer after taking control of Twitter, meaning his net worth has fallen by $66 billion this year

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A picture of Elon Musk from the shoulders up. He's wearing a black t-shirt and clasping his left hand to his head with a calm expression on his face.
Musk is $8 billion much less nicely off after buying Twitter.

  • Elon Musk took an $8 billion hit to his net worth after shopping for Twitter, per Bloomberg wealth index.
  • The world’s richest man lastly sealed his $44 billion deal to accumulate Twitter on Thursday. 
  • Musk stated he purchased the social media platform to “try to help humanity,” not to earn more money.

Taking control of Twitter left Elon Musk $8 billion worse off in a single day, according to calculations by the Bloomberg wealth index.

The new proprietor of the social media platform stated he purchased it to “try to help humanity,” and never to earn more money.

Before sealing the $44 billion deal on Thursday, Musk was estimated to be worth about $212 billion, per Bloomberg. That determine declined to $204 billion on Friday, nevertheless. 

He stays the world’s richest man, however Musk’s net worth has fallen by $66 billion this year, in line with Bloomberg. That’s primarily as a result of Tesla shares have skidded by 43% this year, as some buyers anticipated he would promote extra inventory within the electric-vehicle maker to assist fund the Twitter deal. The Tesla chief has a stake of about 15.6%.

Musk’s net worth peaked in November final year at $338 billion when Tesla shares soared. 

Other buyers within the Twitter deal have additionally suffered, Bloomberg discovered. Twitter co-founder Jack Dorsey’s wealth fell by an estimated $380 million, whereas one other Musk backer, Saudi investor Prince Alwaleed Bin Talal al Saud, took successful of about $640 million hit. 

While Musk’s fortune has dipped, high Twitter executives who had been let go as half of the billionaire’s first strikes will share about $100 million in severance funds, with former CEO Parag Agrawal getting about half that sum.

The Tesla CEO spent months attempting to stroll away from the deal, leading to costly litigation between him and Twitter, solely to resolve in early October he would purchase it after all.

As nicely as changing into “Chief Twit”, Musk is additionally CEO of Tesla, the place his official title is “Technoking,” and in addition runs SpaceX, and holds senior roles at Neuralink and The Boring Company. 

Read the unique article on Business Insider

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