The news agency links this to the drop in Tesla’s share price, which has already lost almost half of its market value, and attributes it to fear that the tycoon will distract his attention from the core business.
The capital of tycoon Elon Musk has decreased by 70 billion dollars since it announced its intention to acquire the social network Twitter in April, Reuters reports.
According to the Forbes billionaire ranking, for this November 8, Musk’s capital has fallen below the $200 billion mark.
The news agency attributes this to the decline in Tesla shares, a company that has lost almost half of its market value. As already noted, investors are concerned that due to the purchase of Twitter, Musk did not pay enough time and attention to its main business.
«It seems like Elon Musk is spending 100% of his time on Twitter and, you know, [la plataforma] “It could need more capital,” said Jay Hatfield, of Infrastructure Capital Management.
At the end of October, the tycoon finally closed a 44 billion agreement to purchase Twitter. He promised to liberalize the editorial policy of the social network, which has been widely criticized for its harsh censorship, as well as rethink approaches to content moderation or permanent bans and turn that network into “the most accurate source of information” of the world.
Apparently, the billionaire has really high hopes for the platform and claims that it could become one of the most valuable companies in the world, despite the fact that it has currently lost a large amount of income, a circumstance for which Musk blames those activists who pressure advertisers to stop advertising. Consequently, and to try to reduce costs, the businessman announced massive layoffs and eliminated extra rest days for those remaining in their jobs.
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