Tesla shares plunged, the wealth of the world’s richest person decreased by $ 75 billion, so Elon Musk is on the run
Elon Musk, the world’s richest person, is in a lot of discussion these days about the Twitter deal (Elon Musk-Twitter War). There was a time when Elon Musk Net Worth was ready to go to any extent to buy Twitter, but now he has canceled the deal to buy Twitter. Now the question is arising in the minds of people that why did they do this. What is the reason Elon Musk is so disillusioned with Twitter? By the way, it seems from Musk’s words that he is doing so due to the high number of fake Twitter accounts. On May 17, Musk said that 20 percent of Twitter accounts are fake. Now he will not proceed with the deal unless there is evidence that less than five per cent of the accounts are bogus. However, the reason for Musk’s running away from the Twitter deal seems to be something else. Well, now Twitter has filed a case against Elon Musk and preparations are on to drag him to court. That is, many episodes of this high voltage drama will come to the fore.
First take a look at the Twitter-Musk deal
Musk started buying shares of Twitter in January this year. On March 14, he announced a 9.2 per cent stake in the company. On April 4, it was first revealed to the public that Musk was preparing to buy Twitter soon. Following this, on April 5, Twitter’s Indian-origin CEO Parag Agarwal announced that Musk would join Twitter’s board. At the same time, again on April 10, Agarwal said that Musk has decided not to join the board. After this, on April 14, Musk offered to buy the entire company at a price of $ 54.20 per share. The deal was done for $44 billion.
Tesla shares plunged by Twitter, wealth fell by $ 75 billion
Ever since Elon Musk announced the purchase of Twitter, his main company Tesla’s shares have been falling steadily. On April 4, it was first revealed that Elon Musk was going to buy Twitter soon. Tesla’s stock was at around $1150 on that day. At the same time, after about two and a half months, the company’s stock has come down to $ 700. That is, a loss of about $ 450 per share. Musk owns about 17.50 million shares of Tesla. On April 4, Elon Musk’s net worth was about $ 288 billion, which has now fallen by about $ 75 billion to $ 214 billion as of today.
Twitter shares also fell, Musk wants a better deal!
When it was decided to buy Twitter from Elon Musk, the company’s stock price was $ 54.20, which has come down to $ 36.81 today. That is, from the price that Musk had put, its price has come down by a third. Looking at it, it looks as if Elon Musk was making all kinds of excuses to get the deal at a better price. If we look at the deal at that time, Musk was buying 811.8 million shares for $ 44 billion at the rate of $ 54.20. At the same time, due to the price drop to $ 36.81, the price of the deal has automatically fallen to about $ 30 billion. That is, today he can buy Twitter at a low price of $ 14 billion.
