Elon Musk’s fortune drops by $50 billion since he got entangled on Twitter

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Elon Musk's fortune drops by $50 billion since he got entangled on Twitter

Elon Musk’s fortune has been reduced by more than 49,000 million dollars since he launched his offer on Twitter last Aprila cut that can be attributed in large part to the general fall in the market, but in which the concern of some Tesla investors about how it would finance its offer for the social network company has also been noted. And the noise and controversies in which the tycoon has been involved in recent weeks do not help either.

Musk remains the world’s richest person, with a fortune of $209.9 billion, according to the Bloomberg Billionaires Index, although his fortune has shrunk noticeably since the start of the year. This year he has reduced his wealth by $60.4 billion, a tidbit that is second only to what he has received Chang Peng Zhaoof Binance, which has lost 81,000 million dollars, and Jeff Bezoshe has seen $62 billion of his wealth evaporate.

The reduction in Musk’s fortune comes at a time when, along with his negotiations to see if he finally takes over Twitter, the tycoon has become increasingly vocal on the popular social network. If he was already known before for tweeting some memes, talking about anime or showing off his business successes, in recent times he has gotten into a few puddles too many.

Last Wednesday, for example, Musk tweeted that he had supported the Democrats in the past because “they were (mostly) the party of goodness”, but that now he had changed his mind. “They have become the party of division and hate, so I can no longer support them and I will vote Republican,” he said.

More in keeping with his role as CEO of Tesla, he also called ESG a “scam” after the electric vehicle company lost its spot in an S&P Global index that tracks companies based on their environmental, social and environmental standards. of corporate governance. He has also predicted that the “political attacks” against him “will intensify dramatically in the coming months.”

But perhaps the biggest controversy of all is related to false accounts and Twitter bots, a company about which he is negotiating a purchase of 44,000 million dollars. “Elon Musk is a person who, more than a person, is a character in himself,” he reflects Rafael Ojeda, analyst at Fortage Funds. In his opinion, he wanted to buy the company “at a significant premium but it was on the market” with the idea of ​​taking it off the Stock Exchange, “turning it around a bit with the idea he has of doing business and similar to how he runs things and in two years it will be put back on the market for around 100, 120 or 140,000 million dollars”.

However, and in the midst of a fall in technology shares, “I would not have done the movement that he has made to criticize the company for the number of bots and false accounts,” adds Ojeda. “Talking about the specific figures, the only thing it does is bring down the value” of the company. “There is a lot of confusion and enormous volatility not only on Twitter but on other social media companies.”

“Musk is a great businessman,” Ojeda clarifies, so “I give him the benefit of the doubt, but I don’t like the forms.”

Tesla leaves 30% this year

And while he messes with Twitter, Tesla shares are already down more than 30% so far this yearaffected by the general fall but also by doubts about the financing of the possible acquisition of Twitter.

In that sense, Musk has gotten a taste of his own medicine from billionaire Leo Koguanwho claims to be the third largest individual shareholder of Tesla. In a tweet addressed to Martin Viecha, Tesla’s senior director of investor relations, Koguan said the company should immediately announce that it plans to buy back $5 billion of Tesla stock this year and $10 billion next year.

He added that Tesla should use its free cash flow to finance the buyback and that it should not affect its current cash reserves of $18 billion.

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