American billionaire, Elon Musk has seen his wealth nosedive with a record loss of N3.62 trillion. This development emerged as Twitter shareholders approved the $44 billion sale of the social media giant.
Musk recorded the loss on Tuesday, September 13, 2022, as Tesla investors started to dump the automobile company’s shares upon receiving the report that Twitter shareholders have unanimously endorsed the acquisition deal of the tech firm.
BizWatch Nigeria observed that Tesla investors engaged in a selloff on Tuesday, plummeting the share to as low as $292.13, which is -4.04% lower than the $304.42 Tesla stock was sold for on Monday, September 12, per unit.
As a result of the development, the world’s richest man lost $8.3 billion, with his wealth declining slightly more than 3%. With this, Musk’s total wealth got dragged to $265.6 billion.
The selling off of the shares of Tesla investors may, however, not be unconnected to the billionaire’s sale of $8 billion worth of the company’s shares earlier in the year to fund the deal.
This publication understands that the Tesla investors engaged in panic selling of their stocks, as they were worried that Musk may be forced to sell the company’s shares further to conclude the purchase deal, as Twitter continues to seek a favourable court ruling on their dispute.
Between Twitter and Elon Musk
It would be recalled that in April, a Twitter board agreed to sell the company to Musk for $44 billion. The deal, however, suffered a setback when the billionaire alleged that the social media company misled him about the number of spam and bot accounts on the platform.
Arguing that he had been misled, Musk expressed his wish to back out of the deal, saying he was no longer interested in the purchase. Following the world’s richest man’s wish expression, Twitter dragged him to court to seek a continuance of the purchase.