Sunday, December 10, 2023

Elon Musk’s net worth dropped below $200 bn as Tesla shares plunge

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More than a week after completing his $44 billion acquisition of Twitter, Tesla CEO Elon Musk sold roughly $4 billion worth of shares in the electric vehicle manufacturer, according to SEC papers released on Tuesday.

Musk has been pressing for methods to pay for the significant transaction, for which he incurred enormous debt and earlier sold shares of Tesla for $15.5 billion.

He sold more than 19 million more shares on Tuesday, according to filings submitted to the US Securities and Exchange Commission (SEC) and valued at more than $3.9 billion.

Elon Musk’s net worth has dropped below USD 200 billion as investors dumped Tesla’s shares on fears that the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter, reported Reuters.

So far this year, data showed that Tesla shares have declined over 50 per cent. Over the past five sessions, they slid nearly 15 per cent.

The sales of shares in his electric vehicle company came days after he formally took over the microblogging social media platform Twitter. 

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