Musk sells 4 billion shares to operate Twitter! Tesla stock plummets! Net worth falls below $200 billion

It is learned that in the face of increasing competition from established automakers such as Volkswagen, Ford and General Motors, some investors seem pessimistic about Tesla's future, fearing that Musk is too focused on Twitter and may neglect the production of electric vehicles. After Musk sold Tesla shares of 8.5 billion and 6.9 billion in order to acquire Twitter, he sold another 3.95 billion Tesla shares a few days after the acquisition of Twitter to maintain Twitter's operations. Tesla's stock price then plummeted. Before the acquisition of Twitter, Musk rarely sold Tesla shares. Tesla's current market value is 622 billion US dollars.

It is important to note that Tesla's stock price fell 16% in Musk's first week at Twitter, from November 1 to 7. On Tuesday, the automaker's stock price fell another 2.93%, closing at $191.3.

Musk said he was losing millions of dollars every day and said that this was one of the reasons why he decided to lay off employees. According to calculations by him and his team, laying off some Twitter employees will save him more than $400 million.

The world's richest man, who holds nearly 15% of Tesla's shares, had successfully raised his net worth to a staggering $320.3 billion on November 4 last year. Today, according to the Forbes portal, which records the assets of the rich in real time, his wealth has fallen to $197.2 billion, evaporating 38.4% in one year.

The Tesla CEO is also counting on Saudi Arabia’s Prince Alwaleed bin Talal bin Abdulaziz to help finance the deal. The Saudi prince’s $1.9 billion investment makes him Twitter’s second-largest shareholder.

Musk's wealth has given Twitter

As Reuters shared, investors abandoned Tesla because Musk sold at least $15 billion in stock. In October, Musk acquired Twitter for $44 billion, providing $13 billion in loans and $33.5 billion in capital commitments.

It is learned that since acquiring Twitter, Musk has rarely tweeted about Tesla, but has tweeted a lot about Twitter. This caused Tesla's market value to shrink by about 16% in the first 8 days of November. If the tycoon does not get enough funds to invest in Twitter, he may continue to sell Tesla's shares next.

Editor ✎Estella/

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