Elon Musk briefly loses world's richest title amid Twitter takeover chaos
Tesla
Twitter's new owner Elon Musk who is also the CEO of electric carmaker Tesla and spacecraft engineering firm SpaceX briefly lost the spot of the world's wealthiest person to France’s luxury goods brand LVMH’s Bernard Arnault and family on Wednesday.
The development coincided with reports that a long-time investor of Elon Musk-owned Tesla sold his $30,000 stock in the electric car company, saying that Musk has abandoned Tesla investors for his "new mission".
Jack Goodwin was reportedly a Tesla investor for about five years. He has now offloaded most of his Tesla shares, keeping only $500 worth of stock.
“It’s almost like he has abandoned us in favour of his new mission,” Goodwin was quoted as saying by Bloomberg.
“When he announced he was going to purchase Twitter, I was totally against it because it’s a distraction from Tesla and everything he’s trying to accomplish there.”
Elon Musk recently completed his $44 billion acquisition of Twitter with phenomenal dominance in the global news cycle.
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Musk has sold at least $36 billion of his own Tesla shares to fund the Twitter buyout. With the billionaire CEO dividing time between five companies spanning social media, transportation, neuroscience and space research —Tesla's stock is down about 50 per cent this year, also in part due to Covid restrictions in China where its significant manufacturing is based.
WATCH |Elon Musk sells Tesla shares worth nearly $4 bn after Twitter deal
Earlier, Musk had claimed that with the Twitter buyout, he works 120 hours a week, up from 70 to 80 previously.
Musk's own net worth has dropped by more than $99 billion in 2022 to $170.9 billion, according to the Bloomberg Billionaires Index. On Wednesday, he briefly lost the world's richest person tag to Bernard Arnault.
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