Tag: elon musk

Elon Musk’s proposed all-cash offer to buy Twitter Inc. represents about one-sixth of his $250.6 billion fortune. Yet the vast majority of that wealth is tied to his stake in Tesla Inc., the electric carmaker he co-founded that has surged in value over the past two years and lifted him to the top of the Bloomberg Billionaires Index. Musk has several financing paths for the purchase. One option is to sell his Tesla shares outright. Another is borrowing against them to stage a leveraged buyout, possibly with outside partners. Musk currently has about $3 billion in cash or other somewhat liquid assets after spending $2.6 billion buying a 9.1% stake in Twitter in recent months, according to Bloomberg calculations. Read more

The richest 500 people lost a combined $135 billion on Monday (20th Sept. 2021) due to a global rout in stock markets sparked by concerns over the China Evergrande Group. Tesla Inc.’s Elon Musk led the declines as his world-leading net worth fell from $7.2 billion to $198 billion, according to the Bloomberg Billionaires Index. No. 2 Jeff Bezos, the founder of Seattle-based Amazon.com Inc., lost $5.6 billion, paring his fortune to $194.2 billion. A cash crunch at Evergrande, China’s most indebted developer, and a regulatory crackdown on the nation’s real estate market stoked fears about possible financial contagion. Markets also reacted to U.S. Treasury Secretary Janet Yellen’s warning of economic catastrophe if lawmakers fail to raise the debt ceiling. Read more