We all know what it cost Elon Musk to finally acquire Twitter at $44 billion. According to him, he wanted to purchase Twitter to save humanity instead of making money.
After acquiring twitter Elon Musk now calls himself “Chief Twit” and also took a hit to his wealth and net worth of about $ 10 billion, according to the Bloomberg billionaire index.
The Solactive Social Media Index which is a market index that tracks publicly traded social media companies’ performance is down by almost 40%. The value of Twitter also seems to drop similarly and thus musk stake.
Moreover, many other social media platforms are in worse condition than twitter. The shares of Meta Platform Inc., which is the parent company of Facebook and Instagram are down by 53% since the offer of Twitter began by slashing more than $100 billion of Mark Zuckerberg’s fortune from its peak. Snap Inc. popularly known for Snapchat is down by 70%, also slashing the co-founder’s wealth over the period.
But Musk isn’t the only person to be blessed with this fortune. Several other co-investors like Jack Dorsey and Alwaleed Bin Talal are blessed as well. Their wealth dropped by $380 and $640 million respectively.
Elon spent $25 million from April to carry on the agreement but soon after all the allegations he decided to cover up the deal with a total of $44 billion. Several co-investors including banks helped Elon to collect the finances to complete the deal before the deadline given by the Delaware court.
Elon Musk’s accusations and allegations made the shares of social media go down and many companies crashed as the economic condition was unstable and uncertain, along with the increased rate of interest.
Since the entry of Elon into the headquarters in San Francisco, he has been terminating several employees and executives including the former CEO, Parag Agrawal. But it has been cleared that the terminated employees will receive some shares in payouts which is worth USD 100 million, half of which will go into the hands of the former CEO, Parag Agrawal.
In April, Elon Musk first shared his intention of buying twitter which was accepted by the former CEO. Later he tried to back off from the deal to which, out of frustration, twitter filed a case against him.
Elon had to face accusations in front of the Delaware court. The court gave him until the 28th of October. He at last acquired twitter with $44 billion. After acquiring, the first thing he did was terminate the CEO and several other executive members from the company.
