Tesla investors are worried that Elon Musk, the richest person in the world and the new owner of Twitter, seems to be so focused on his most recent purchase. The billionaire’s net worth fell below $200 billion, so he is no longer in the “200 billion club.” He was the only person there.
Investors have sold their Tesla stock because they are worried that the company’s CEO and biggest shareholder, who is also its biggest shareholder, is more interested in Twitter than anything else. Musk is both the president and CEO of SpaceX and Tesla Inc.
Elon Musk sells $3.95 billion worth of Tesla stock https://t.co/FEgNoysy7b
— The Independent (@Independent) November 9, 2022
Forbes says that his current net worth is $197.4 billion, with a big chunk of that coming from his 15% stake in Tesla, which is worth $622 billion on the market. Reuters says that since Musk’s first offer for Twitter in April, the company has lost about half of its market value and his net worth has gone down by $70 billion.
According to documents filed with the SEC on Tuesday, Tesla CEO Elon Musk has also sold company stock worth more than $4 billion. This is happening more than a week after he bought Twitter for $44 billion.
The US Securities and Exchange Commission’s records show that Musk sold more than 19 million shares worth more than $3.9 billion. He paid for a large part of his purchase of Twitter with Tesla stock, which he sold.
The world’s richest person, who is 51 years old, finished the $44 billion deal at the end of last month. He promised $33.5 billion in stock and $13 billion in loans.
Since he bought Twitter, Musk hasn’t tweeted much about Tesla, even though doing so helped him get more followers. He told people about his plans for the social media company on Twitter, such as charging $8 a month for blue tick verification.