After Twitter deal, Tesla shares crash; Musk loses billions
Tesla CEO Elon Musk
After Elon Musk's decision to take over Twitter, Tesla sharescollapsed over 12 per cent wiping out nearly $25 billion from Musk's fortune as Tesla's market capitalisation fell by $126 billion.
Musk had announced he had secured the Tesla deal for a mega $44 billion after ensuring loans and equity financing as the market speculated Musk may have to sell more Tesla shares in order to make the deal work.
Musk owns 21 per cent of Tesla. Meanwhile, US stocks fell steeply as the Dow Jones Industrial Average plunged 600 points declining 1.8 per cent.
The Nasdaq also fell 3 per cent and the S&P 500 index fell 2 per cent amid the continued uncertainty in the Ukraine war and high inflation.
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Microsoft and Google-parent Alphabet reported losses and Twitter's stock fell 3.9 per cent even as Musk announced the takeover hours earlier.
Google parent Alphabet reported first quarterly revenue miss as YouTube ad sales were hit due to the Ukraine war, although Alphabet's first-quarter sales rose over $68 billion but it fell short of the market estimate. It was the first miss for the company since 2019.
(With inputs from Agencies)