top of page

Elon Musk offers to buy 100% of Twitter

Meanwhile, the relative value of Mr. Musk’s net worth of $259bn means he could buy 132 million troy ounces (4.1 million kilograms) of gold, while it is the equivalent of 3.34 per cent of the total wealth of the 500 richest people in the world and 3.84 million times the median US household income, according to the Bloomberg Billionaires Index.

In November, Tesla's shares fell as much as 4.5 per cent at the start of trading in New York, having dropped nearly 7 per cent in premarket trading after Musk asked his more than 80 million followers on Twitter whether he should sell 10 per cent of his holdings in the electric vehicle maker. However, a combination of volatile stock markets, the Russia-Ukraine crisis and the Covid-19 pandemic has taken a toll on Musk’s net worth, which has fallen by 4.1 per cent — or $11bn — since the beginning of the year, according to Bloomberg.

Mr. Musk’s enormous fortune far exceeds that of Amazon founder Jeff Bezos — the world’s second-wealthiest person, with a net worth of $180bn — by $79bn.

“Even after selling billions of dollars of Tesla stock late last year, and owing taxes on gains from those sales, Musk is an estimated $68bn richer than a year ago,” Forbes said in the report.

Elon Musk, founder and chief executive of electric vehicle maker Tesla and rocket company SpaceX, is the world’s richest person, with a current net worth of $259 billion, according to the Bloomberg Billionaires Index.

Just last week, Mr. Musk was also declared the richest person in the world by Forbes magazine in its annual 2022 World Billionaires List with a personal fortune of $219bn. The 50-year-old was first crowned the world’s richest person in January this year, when his net worth was valued at $273.5bn by Bloomberg, which compared his wealth with John D Rockefeller.

Mr. Musk made his first millions in the 1990s, when he sold his first company, Zip2, for more than $300m. He then launched, an online payment system that eventually became PayPal, which he sold to eBay for $1.5bn in 2022, according to Bloomberg.

Last week, Mr. Musk became Twitter's single largest shareholder following his acquisition of about 73.5 million shares of the social media giant valued at about $3bn.

“Mr. Musk reached the level of riches, inflation-adjusted, achieved by modern history’s wealthiest person,” Bloomberg said at the time. On Thursday, Musk offered to buy 100 per cent of the microblogging social media platform at $54.20 per cent per share. His offer price represents a 38 per cent premium on the closing price of Twitter’s stock on April 1, the last trading day before his investment of 9.2 per in the company was publicly announced.

It also means that Musk could afford to buy Twitter six times over his current offer of roughly $43bn. Ether was also up as much as 2.3 per cent before giving up some gains, while Dogecoin rose 3.8 per cent.

21 views0 comments
bottom of page