Billionaire Elon Musk lost $ 70 billion because of Twitter?

Musk currently has a net worth of $194.8 billion, according to Forbes , most of which comes from a nearly 15% stake in Tesla, which has a market value of $622 billion, according to Forbes.

Tesla has lost nearly half of its market value, dragging Musk’s net worth down by nearly $70 billion since he bid for Twitter in April.

Billionaire Elon Musk – Photo: TWITTER

According to Reuters, investors are worried that Musk may spend more time with the social media company. They initially “run away” from Tesla because they were worried about selling shares of Musk, who had divested at least $15 billion in shares. He closed the $44 billion deal last month with a $13 billion loan and $33.5 billion equity commitment.

Now Wall Street is concerned about the billionaire’s status at a time when electric vehicle manufacturers are ramping up production and facing increasing competition.

Since acquiring Twitter, Mr. Musk has posted very few tweets about Tesla, which has helped him gain traction on the platform. The net worth of the world’s richest person – also the owner of the rocket company SpaceX, – is more than the second richest person – Bernard Arnault, owner of LVMH – by about $40 billion.

Tesla shares fell 2% to $193.7 in afternoon trading, falling for a third straight session.