Elon Musk Loses $29 Billion After Decision to Buy Twitter

(ORDO NEWS) — The fortunes of the American entrepreneur, the founder of SpaceX and Tesla, Elon Musk, decreased by $ 29 billion on the first day after the businessman agreed with the management of Twitter to buy the social network, Forbes Real-Time reports.

It is noted that the entrepreneur’s shares fell due to the fact that the Tesla board of directors expressed doubts about the effectiveness of Musk’s management of three companies at once.

The financial counter specified that at the moment the businessman owns 21% of Tesla shares. However, most of Musk’s stake is pledged as collateral for loans, the source concluded.

Earlier, the press service of the social network Twitter reported that American businessman Elon Musk is buying Twitter for $44 billion.

Recall that on April 14, Elon Musk announced his readiness to acquire 100 percent of the shares of the social network Twitter for $54.2 apiece. After that, the company’s shares rose at auction by 13%.


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