Elon Musk sells $4 BILLION of Tesla shares in second-biggest dump since launching bid to buy Twitter

Elon Musk’s net worth dropped below $200 billion on Tuesday as investors dumped Tesla Inc shares on fears the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter. 

Musk now has a net worth of $197.4 billion, according to Forbes, with a big share of that coming from his nearly 15 percent stake in Tesla, which has a market value of $622billion. 

Investors initially fled Tesla on worries over share sale by Musk, who has divested at least $15billion worth of stock. He closed the $44billion deal last month with $13billion in loans and a $33.5billion equity commitment.

Now Wall Street fears that Musk has stretched himself too thin at a time when the EV maker is ramping up production and faces rising competition.

‘It seems like Elon Musk is spending 100% of the time on Twitter and you know, it might need more capital,’ said Jay Hatfield at Infrastructure Capital Management.

Since buying Twitter, Musk has made very few tweets on Tesla, a practice that helped him gain traction on the platform. He has instead used Twitter to announce plans for the social media company such as the $8 per month subscription for blue tick verification.

Elon Musk ‘s net worth dropped below $200 billion on Tuesday as investors dumped Tesla Inc shares on fears the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter

Musk now has a net worth of $197.4 billion, according to Forbes , with a big share of that coming from his nearly 15 percent stake in Tesla, which has a market value of $622billion 

Investors initially fled Tesla on worries over share sale by Musk, who has divested at least $15billion worth of stock. He closed the $44billion deal last month with $13billion in loans and a $33.5billion equity commitment

It’s Musk’s second-biggest stock dump from Tesla, after he got rid of about $22billion in 2021 after the stock jumped 50 percent, according to CNBC.  

The net worth of the world’s richest person, who also owns rocket company SpaceX, is roughly $40billion more than the second richest person, LVMH-owner Bernard Arnault.

Tesla shares were down 2 percent at $193.7 in afternoon trading, falling for a third straight session.