Tesla stock plummets: Tweets cost Musk $12 billion

Since Tesla boss Elon Musk submitted his billion-dollar deal to buy Twitter, the tech billionaire has repeatedly made polarizing statements.

Tesla stock plummets: Tweets cost Musk $12 billion

Since Tesla boss Elon Musk submitted his billion-dollar deal to buy Twitter, the tech billionaire has repeatedly made polarizing statements. His latest statements not only cause incomprehension, but also promptly affect his assets.

Tech billionaire Elon Musk has not only announced that he would rather vote for the Republicans in the future. The Tesla founder denigrated the S

The electric car maker had previously been removed from this stock index, much to the displeasure of the company boss. ESG stands for Environmental, Social and Governance. The financial industry uses this abbreviation to offer financial investments in which criteria such as the environment, social issues and good corporate governance are to be given greater consideration.

Things aren't really going well for Musk at the moment. According to Bloomberg, he has already lost $49 billion since submitting a bid to buy Twitter last month. Musk had acquired a block of Twitter shares and later agreed with Twitter's board of directors on the complete takeover at a price of around $44 billion. He is now accusing Twitter of providing false information about the number of fake and bot accounts. That sent Twitter shares plummeting. It is completely unclear whether Musk is now trying to push the price down or is preparing the ground for an exit on the deal.

The price losses of Tesla and Twitter in the past few weeks are due on the one hand to the fact that the market as a whole has collapsed. On the other hand, some Tesla and Twitter shareholders are concerned about how Musk intends to fund his bid for the social media giant.

At the end of April, Twitter had agreed to the takeover by Musk and thus his "best and last offer". Musk wants to take the 16-year-old company private. According to insiders, during the financing talks with banks, he said he wanted to find new ways to make money from tweets.

Most recently, Musk had haggled over the acquisition costs. "You can't pay the same price for something that's a lot worse than what it claims," ​​the Tesla boss said at a conference in Miami, referring to the allegedly higher number of Twitter accounts that are not backed by real people. Musk then said the deal would not go ahead until Twitter boss Parag Agrawal publicly demonstrated that less than five percent of user accounts are spam and fake accounts. Should Musk ultimately reverse the Twitter takeover, he'll have to pay a $1 billion fine.


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