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- Elon Musk’s net worth, tied largely to Tesla stock, has fallen by $65 billion since April.
- Tesla stocks, which were $998.02 per share the day he announced his plan to buy Twitter are now $752.29 each.
- Musk on Friday announced his intention to back out of the purchase of the social media platform.
In the months since he announced his intention to buy Twitter, Elon Musk’s net worth — which is tied largely to Tesla stock — has fallen by $65 billion.
Tesla stocks, which were $998.02 per share on April 25, the day he announced his plan to buy Twitter, have fallen more than 24% and closed today at $752.29 each. While the stock market has faced significant fluctuations over the past months, Tesla’s losses are greater than average. In comparison, the S&P 500 lost 9.2% in the same time period and the Dow Jones Industrial Average fell by 7.9%.
Musk’s net worth peaked in November of last year at over $340 billion, according to Bloomberg, and fell to $197.1 billion last month — a 42% decrease.
The billionaire on Friday announced that he plans to back out of the $44 billion deal to buy the social media platform, citing concerns about spam accounts and accusing the company of being “in material breach of multiple provisions” of the merger agreement.
Some financial experts have argued that Tesla’s financial losses would make securing financing for the Twitter deal more difficult for Musk, as he pledged billions of dollars of his Tesla stock as collateral for the takeover. It is unclear if the deal’s financing had anything to do with Musk’s decision to back out.
Tesla did not immediately return Insider’s request for comment.