Tesla company has lost nearly half its market value and his
net worth has dropped by $70 billion since he bid for Twitter in April.
Investors initially fled Tesla on worries over share sale by
Musk, who has divested at least $15 billion worth of stock. He closed the $44
billion deal last month with $13 billion in loans and a $33.5 billion equity
commitment.
Now Wall Street fears that Musk has stretched himself too
thin at a time when the EV maker is ramping up production and faces rising
competition.
"It seems like Elon Musk is spending 100 percent of the
time on Twitter and you know, it might need more capital," said Jay
Hatfield at Infrastructure Capital.
Since buying Twitter, Musk has made very few tweets on
Tesla, a practice that helped him gain traction on the platform. He has instead
used Twitter to announce plans for the social media company such as the $8 per
month subscription for blue tick verification.
The net worth of the world's richest person, who also owns
rocket company SpaceX, is roughly $40 billion more than the second richest
person, LVMH-owner Bernard Arnault.
Tesla shares were down 2 percent at $193.7 in afternoon
trading, falling for a third straight session. © Reuters