Elon Musk has lost $41 billion since announcing his acquisition of Twitter

Elon Musk submitted a file to the US Securities and Exchange Commission (SEC) on April 14, officially offering to buy back Twitter at a price 54.2 USD/share, equivalent 43 billion USD. Before that, the billionaire spent $2.64 billion to successfully acquire 9.2% shares of the social network.

Billionaire Elon Musk. (Photo: Bloomberg)

On April 14, Tesla shares were last traded at 985 USD/unit, market capitalization reached $1.020 billion. However, at the close of the session on May 18, Tesla’s stock price was only 709.81 USD/unit, narrowing capitalization 735.37 billion USD.

Also in this trading session, Tesla stock price fell 6.3% and made Elon Musk’s fortune “evaporate”. $12.3 billion, after the company was dropped from the S&P 500 ESG index.

The billionaire openly expressed his anger and wrote on Twitter that “ESG is a scam”. ESG is a group index of company stocks that meet standards on environmental protection, social responsibility and corporate governance. The reasons the index provider gave for the removal of Tesla were several business practices and several aspects of the company’s low-carbon footprint strategy.

Apple, Microsoft, Amazon and Alphabet are some of the members of the S&P 500 ESG Index. Oil giant Exxon Mobil is also included in the index.

“Exxon is ranked in the top 10 of the world’s best companies for environment, society and governance (ESG) by the S&P 500, and Tesla is not! ESG is a scam,” Musk wrote.

Since the first news about Elon Musk’s Twitter acquisition ambitions was announced, Tesla’s stock price has lost about 28%, equivalent to about 28%. 285 billion USD Capitalization.

Meanwhile, Twitter, social networks also went through a not so happy time after being watched by Elon Musk. Since April 14, Twitter’s stock price and capitalization have plummeted, down nearly 20%.

Twitter’s capitalization is now at the threshold 28 billion USD. Compared to the merger agreement worth 44 billion USDElon Musk will be bought “smugly” about 16 billion USD. However, if he abandons the deal, Elon Musk must face many consequences, in addition to the separation penalty fee 1 billion USD.

Currently, Elon Musk, 50 years old, is still the richest person in the world. According to the Bloomberg Billionaires Index, during the same period, Musk’s wealth has decreased 41 billion USDfrom 251 billion USD down 210 billion USD. Tesla shares make up the majority of current assets, Bloomberg said.

This year, Musk has lost $60.4 billion of his fortune, just short of the decline of Changpeng Zhao, the founder of the world’s largest cryptocurrency exchange Binance, and Jeff Bezos, the founder of the trading firm. Amazon e-commerce. Since the beginning of the year, Mr. Zhao has lost $81 billion and Mr. Bezos has lost $62 billion.

Mr. Musk grew more enthusiastic after announcing his intention to buy Twitter and take the company private.

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