Tesla, the world’s largest electric vehicle market, has lost over half a trillion dollars in market value since the CEO, Elon Musk, acquired Twitter. Back in April this year, Tesla’s CEO first announced his intention to buy Twitter, and since then, Tesla stock has dropped more than 35 percent.
In late October, Elon Musk finally acquired the microblogging platform Twitter in a deal worth 44 billion dollars. As a result of the acquisition, he has sold $3.95 billion worth of shares in his electric vehicle maker, Tesla.
TechGenyz calculations from the latest Tesla market summary revealed that the firm had lost almost 50% or over half a trillion dollars in market value before and after Elon Musk’s Twitter acquisition.
Judging from the market summary chart shows that Tesla opened the market at $175.85 and a low at $165.54 in March this year before the acquisition. Unfortunately, in November, after Twitter’s acquisition, the firm estimated for $328.33 loss, equivalent to 51.12 percent.
In a similar report, Jon Schwarz, a market analyst, tweeted via his official Twitter page that just in the three and a half weeks since Musk took over Twitter on October 28, Tesla stock is down 27 percent, losing $190 billion in value. Adding that Tesla’s stock is now down to 49% since Elon Musk offered to buy Twitter in April, losing over half a trillion dollars in market valuation.