The world’s richest man Elon Musk has taken over the microblogging platform Twitter. The deal is the third largest in the tech world and will cost Musk ₹44 billion (Rs 3.37 lakh crore). But where Elon Musk has achieved this big achievement, after the signing of the deal, he has also got a big setback. This change was given to him by the shares of his electric car company Tesla.
Tesla shares crash after deal
According to a report, the discussion of the last several days ended late on Monday night when the Twitter board accepted Elon Musk’s proposal and approved handing over the platform to him. The decline in Tesla’s stock began on Tuesday, the second day of the deal, without any names. Shares of Tesla Inc fell up to 12 percent on Tuesday. This led to a sharp fall in the market cap of the company.
Twitter deal fell more than double in price
The report said Tesla’s market value rose to ₹100 billion in a single day after Elon Musk’s acquisition of Twitter. The company’s market capitalization was ₹ 1 trillion before the deal, which dropped to ₹ 906 billion a day after the deal. This is believed to be the biggest tweak for the owner of the world’s richest company like Tesla-SpaceX.
Musk’s value is so low
In terms of wealth, Musk’s net worth has declined since he took over Twitter, and shares of Elon Musk’s company, which topped the list of top-10 billionaires, have plummeted. The deal took just two days and reduced his net worth from ₹269 billion to ₹239.2 billion.