Forbes estimates ElonMusk’s net worth was down roughly $8.9 billion as of 1 p.m. EST Thursday, following discussion of a hostile takeover.
Tesla and SpaceX CEO Elon Musk shocked the world when he proposed a $43 billion hostile takeover of Twitter on Thursday morning, after disclosing a 9.1% stake in the company and turning down a board seat in recent weeks. Shareholders of at least one business he currently runs haven’t responded favorably –estimates Musk’s net worth was down roughly $8.9 billion as of 1 PM EST Thursday, as shares of Tesla slumped by more than 3%.
“The Street is worried about Musk’s distraction and him putting up Tesla shares as his financial backing to raise debt for the Twitter deal,” he says.estimates that Musk has less than $2 billion of cash on hand, after selling more than $16 billion worth of Tesla’s shares late last year and paying $2.6 billion to acquire his Twitter stake in early 2022, leaving many to wonder how Musk might pay to buy up his favorite social media company.
“If I were a Tesla shareholder, I would be anxious about a Musk acquisition of Twitter,” he says “Musk already owns two time-consuming companies and Twitter would be more than an investment for him; it would be a very time-consuming toy, because he plans to fundamentally change its business strategy.”
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a letter to the board’s chairman filed with the SEC this morning. “Twitter has extraordinary potential. I will unlock it.”
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