Musk loses $10 bn following Twitter acquisition.
- Elon Musk claimed he acquired Twitter Inc. to assist mankind hours before closing the $44 billion deal.
- According to the Bloomberg Billionaires Index, the world’s richest individual, now known as “Chief Twit,” lost $10 billion by closing the purchase.
- Musk, 51, spent at least $25 billion to fulfil his April agreement to purchase Twitter for $54.20 a share, assuming he retains the $7.1 billion external investors.
- Six months after Musk stated he would acquire the firm, his offer looked pricey. Economic instability and rising interest rates have slashed social media company shares.