Elon Musk’s net worth has fallen by an estimated $9 billion after buying Twitter
t’s been a busy year for Elon Musk, and his net worth is taking a hit.
The new owner of Twitter said in a statement on the day the deal closed that he “didn’t do it to make more money” but rather to “try to help humanity.” As part of the deal, Musk was personally responsible for paying roughly $25 billion, while venture capital firms Sequoia Capital and Andreessen Horowitz chipped in about $7.1 billion in cash. Additional investors picked up the remaining amount.
Analysts say Musk could also order job cuts across the company to slash costs. Twitter spends around $1.2 billion in annual sales and marketing expenses, a large portion of which goes to employee salaries and benefits. Other investors who retained a stake in the company, like Twitter co-founder Jack Dorsey and Saudi Prince Alwaleed bin Talal, also saw net worth declines. Dorsey lost $380 million and Prince Alwaleed lost $640 million, according to Bloomberg’s index.
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