Elon Musk’s $1.55 Billion Profit From Twitter Is Now A $56 Million Loss

The tech rout hasn’t been kind to the Technoking of Tesla. In addition to his electric automaker’s stock price copping a red-hot correction, Elon Musk has seen all his paper gains from Twitter completely wiped out.

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In late April, Musk’s investment yielded profits in the way of US$1.1 billion / AU$1.55 billion. Now, it represents a US$40 million / AU$56 million loss.

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Twitter’s most recent dip can be attributed to the mass sell-off experienced by social media and advertising stocks this week after Snap announced it would miss its Q2 revenue target.

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Elon Musk has sheared off US$58.7 / AU$82.5 billion from his net worth since the beginning of 2022.

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The seduction period is over. Funding has officially been secured. Elon Musk has struck a deal to acquire the entirety of Twitter for US$44 billion / AU$61.4 billion.

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It’s not immediately clear what direction Twitter will now take in light of this development. Perhaps this is how the C-suite memelord intends to step up his beef with Russian President Vladimir Putin.

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