- Elon Musk’s net worth dropped below $200 billion this week
- This comes as investors sell off Tesla shares due to concerns that the company’s head and largest shareholder is preoccupied with his takeover of Twitter
- Forbes reported that Musk’s net worth is now $194.8 billion, a major share of which is due to his nearly 15 percent stake in Tesla, which has a market value of $622 billion
NEW YORK CITY, New York: As investors sold off Tesla shares due to concerns that the company’s head and largest shareholder is preoccupied with his takeover of Twitter, Elon Musk’s net worth dropped below $200 billion this week.
Forbes reported that Musk’s net worth is now $194.8 billion, a major share of which is due to his nearly 15 percent stake in Tesla, which has a market value of $622 billion.
Since Musk’s bid for Twitter began in April, his net worth has dropped by $70 billion, and Tesla has lost nearly half its market value.
After closing the $44-billion deal last month with $13 billion in loans and a $33.5 billion equity commitment, Musk divested at least $15 billion worth of stock in the world’s largest electric car manufacturer.
While Tesla is ramping up production and faces rising competition, Wall Street now fears that Musk has stretched himself too thin after the Twitter purchase.
Tesla shares were down 2 percent at $193.7 on November 8, falling for a third consecutive session.
Since buying Twitter, Musk has made very few tweets regarding Tesla, but has instead used Twitter to announce plans for the social media company, such as the $8 per month subscription for blue tick verification.
