Categories: US

Elon Musk sells $4 BILLION of Tesla shares in second-biggest dump since launching bid to buy Twitter

BREAKING: Elon Musk sells Tesla stock worth $4 BILLION in second-biggest dump since launch of bid to buy Twitter for $44 billion: CEO net worth plummets to $200 billion

Elon Musk’s net worth fell below $200 billion on Tuesday as investors dumped Tesla Inc shares over fears that the chief executive and largest shareholder of the world’s most valuable electric vehicle manufacturer has become more involved with Twitter.

Musk now has a net worth of $197.4 billion, according to Forbesmuch of which comes from its nearly 15 percent stake in Tesla, which has a market value of $622 billion.

Investors initially fled Tesla over concerns over the stock sale by Musk, which has divested at least $15 billion worth of shares. He closed the $44 billion deal last month with $13 billion in loans and a $33.5 billion equity commitment.

Now Wall Street fears Musk has stretched itself too thin at a time when the EV maker is ramping up production and facing increasing competition.

“Looks like Elon Musk spends 100% of the time on Twitter and you know, it might need more capital,” said Jay Hatfield of Infrastructure Capital Management.

Since buying Twitter, Musk has tweeted very few about Tesla, a practice that helped him get to grips with the platform. Instead, he’s used Twitter to announce plans for the social media company, such as the $8-a-month subscription for blue check verification.

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Elon Musk’s net worth fell below $200 billion on Tuesday as investors dumped Tesla Inc shares over fears that the top executive and largest shareholder of the world’s most valuable electric vehicle manufacturer is becoming more involved with Twitter.

Musk now has a net worth of $197.4 billion, according to Forbes, much of which comes from his nearly 15 percent stake in Tesla, which has a market value of $622 billion.

Investors initially fled Tesla over concerns over the stock sale by Musk, which has divested at least $15 billion worth of shares. He closed the $44 billion deal last month with $13 billion in loans and a $33.5 billion pledge in equity

It’s Musk’s second-largest stock dump from Tesla, having lost about $22 billion in 2021 after the stock rose 50 percent CNBC.

The net worth of the world’s richest person, who also owns rocket company SpaceX, is about $40 billion more than the second-richest person, LVMH owner Bernard Arnault.

Tesla shares fell 2 percent to $193.7 in afternoon trading, falling for a third straight session.

Jacky

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