On Tuesday, his personal net worth dropped below $200 billion, according to Forbes
Twitter’s new owner and Tesla CEO Elon Musk sold nearly $4 billion worth of Tesla shares, according to regulatory filings.
The takeover of Twitter has not been smooth and the social media platform has seen the exodus of some big advertisers in recent weeks in including United Airlines, General Motors, REI, General Mills and Audi. “Our fear heading into the final days of the deal was that Musk was going to be forced to sell more Tesla stock to fund the disaster Twitter deal and ultimately those fears came true which speaks to some of the massive selling pressures on the stock of late,” wrote Daniel Ives at Wedbush. “For Musk who multiple times over the past year has said he is ‘done selling Tesla stock’ yet again loses more credibility with investors and his loyalists in a boy who cried wolf moment.
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