Twitter boss Elon Musk loses his billionaire status at the top as he sells more Tesla stock

Elon Musk has sold another $3.58 billion worth of Tesla stock, bringing the total he’s sold since late last year to almost $40 billion.

The recent sale of about 22 million shares this week coincided with Mr Musk’s fall from the top of the Bloomberg Billionaires Index, a position he has held since September last year. Tesla’s market value also fell below half a trillion dollars for the first time since November 2020.

Mr Musk’s continued selling after repeated assurances that he was done unloading shares of Tesla reflects the increasing pressure on Twitter’s finances. His erratic and impulsive approach to running the social media company has angered advertisers, and efforts to generate more revenue from subscription fees foundered when fraudulent accounts took advantage of a poorly executed verification badge rollout.

The chaos at Twitter has been an overhang at Tesla, which faces its own challenges. The electric-car maker slashed prices and production in China this quarter and took the rare step of offering stimulus in the U.S. Musk said the company is struggling to cope with the impact China’s collapsing housing market, Europe’s energy crisis and the US Federal Reserve’s rate hikes are having on demand.

Tesla shares are up as much as 2 percent in New York. The stock is down 55 percent this year.

Mr Musk tried for months to get out of the Twitter deal. To fund the purchase, he sold more than $15 billion worth of Tesla stock.

https://www.independent.ie/business/world/twitter-chief-elon-musk-loses-his-billionaire-top-spot-status-as-he-sells-more-tesla-stock-42223081.html Twitter boss Elon Musk loses his billionaire status at the top as he sells more Tesla stock

Fry Electronics Team

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