Elon Musk’s net worth slipped below $200 billion on Tuesday, as investors sold Tesla Inc (TSLA.O) stock, fearing that the CEO and largest shareholder of the world’s most valuable electric vehicle firm is more interested in Twitter.
According to Forbes, Musk currently has a net worth of $194.8 billion, with a large portion of it coming from his approximately 15% investment in Tesla, which has a market value of $622 billion.
Since his offer for Twitter in April, the company’s market value has decreased by roughly half, and his net worth has dropped by $70 billion.
Investors originally abandoned Tesla due to concerns over Musk’s share sale, which has resulted in the selling of at least $15 billion in stock. Last month, he concluded the $44 billion agreement with $13 billion in loans and a $33.5 billion equity commitment.
Wall Street is concerned that Musk has spread himself too thin at a time when the EV maker is ramping up production and facing more competition.
“It appears that Elon Musk is spending 100% of his time on Twitter, and, you know, it could need more funding,” Infrastructure Capital Management’s Jay Hatfield said.
Musk has published very few tweets about Tesla since purchasing Twitter, a technique that has helped him establish popularity on the network. Instead, he has used Twitter to promote plans for the social media company, such as a $8 monthly membership for blue tick verification.
The world’s richest individual, who also owns rocket business SpaceX, has a net worth about $40 billion greater than the second richest person, LVMH owner Bernard Arnault.
READ MORE: Twitter’s layoffs begins, company informs employees via email
In midday trading, Tesla shares were down 2% at $193.7, down for the third straight session.
Earlier, following a week of uncertainty over the company’s future under new owner Elon Musk, Twitter notifed employees through email on Friday whether they have been laid off, temporarily locking its headquarters and restricting staff access.
