In the aftermath of Elon Musk winning approval from Twitter’s board to buy the social media company for $44 billion, Tesla shareholders are running for the hills. Shares of the electric vehicle maker fell nearly 12% Tuesday, erasing nearly $130 billion from Tesla’s market capitalization–and $29 billion from Musk’s fortune–in less than a day.
Musk is still the world’s richest person by a mile–currently worth an estimated $239.2 billion, some $74 billion more than No. 2., Jeff Bezos, according to Forbes’ real-time tracker. But he was worth $268 billion at the end of trading on Monday, meaning he has lost the equivalent of more than 9 Donald Trumps in wealth in less than 24 hours.
The reason is simple: Most of Musk’s fortune lies in his 21% stake in Tesla, and shareholders don’t seem to be loving Musk’s newest distraction.
Read the full story on Forbes: https://www.forbes.com/sites/mattdurot/2022/04/26/why-elon-musk-is-already-26-billion-poorer-because-hes-buying-twitter/?sh=1c1b1a217977
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