A share of Tesla was still worth about $ 340 in April, but since Musk’s takeover bid on Twitter, that value has dropped to about $ 173. Many investors sold their shares in Tesla, causing the price to fall sharply. In addition, the large loss also had to do with the problems in the large Tesla factory in Shanghai. Due to the strict Covid measures that apply in China, the factory often had to close.
Musk now owns about 445 shares of Tesla. Until April, his stake in Tesla was worth about $151 billion, but now it’s “only” $77 billion. Because of this, his title of “richest person on earth” may well go to someone else. Musk can already feel the hot breath of the French Bernard Arnault on his neck. Arnault is the boss of LVMH, a company with luxury brands such as Louis Vitton and Dior.
“Having a public platform that is massively trusted and widely supported is extremely important to the future of civilization,” Musk said of his acquisition of Twitter. However, Tesla shareholders are concerned about how he divides his time between the social media site and his many other ventures, such as the rocket company SpaceX. Musk now seems to be under enormous pressure to make Twitter a success.