Reuters reported that Elon Musk’s fortune has fallen by $70 billion since the first reports of his Twitter acquisition in April.
According to the agency, Musk is currently worth an estimated $194.8 billion, following a drop in the value of shares in his electric car maker Tesla.
According to the agency, investors fear that Musk is not paying enough attention to his electric car business due to the purchase of Twitter, and competition in this sector is growing.
On October 27, Musk completed the $44 billion purchase of Twitter, and according to documents published on October 31 in the database of the US Securities and Exchange Commission, Musk will dissolve the company’s board of directors immediately after its purchase.
According to Bloomberg, Musk fired several members of the company’s management and plans to cut the number of employees by almost half.