Elon Musk's net worth drops below USD 200 billion after Twitter takeover
Washington, Nov 09: The net worth of Twitter's new boss Elon Musk has dropped below $200 billion as Tesla shares fluctuated on Tuesday.
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, Tesla shares dropped $194.8 billion, according to Forbes.
Tesla, which has a market value of $622 billion, contributes a big share to his net worth. So far this year, data showed that the company's shares have declined over 50 per cent.
Meanwhile, the billionaire reportedly sold 19.5 million Tesla shares on Tuesday worth a little below USD 4 billion, according to filings published by the US Securities and Exchange Commission on Tuesday. It comes in the wake of his purchase of Twitter for $44bn.
"In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don't come through, it is important to avoid an emergency sale of Tesla stock," he tweeted.
Musk now holds around 135 million Tesla shares.