Billionaires are bleeding, especially Elon Musk.

Billionaires are bleeding, especially Elon Musk.

Get ready with a handkerchief.

Still topping the list is Tesla's CEO Elon Musk, who is the biggest loser among the 500 billionaires. With the Dow Jones Industrial Average and the S&P experiencing their worst day in two years, Musk's personal wealth shrank by $12.3 billion.

Acquiring Twitter for $44 billion.
The drop in Twitter's stock has wiped out Elon Musk's position, turning a profit of $1.1 billion into a loss of $40 million. Since reaching an acquisition agreement with the social media company Twitter, the stock price of Twitter has declined by 31%.

It's easy to come and easy to go, Twitter's stock price has fallen below the position acquired by Elon Musk, wiping out over $1.1 billion in gains in four weeks.

The stock of this social media company, Twitter (TWTR), fell 6.0% in Tuesday afternoon trading, close to its lowest closing level since March 16. The company has dropped 31.1% since its high of $51.70 on April 25, the day Twitter agreed to be acquired by Musk for $54.20 per share.

A 13D filing submitted to the SEC on April 5th showed that Musk, founder of Tesla (TSLA) and SpaceX, purchased 73.12 million shares of Twitter stock, or 9.1% of the shares, at a weighted average price of $36.157 per share.

This means that, at the current stock price (1.5% lower than the acquisition price), Musk's investment will lose $40.7 million. In contrast, the closing price of $51.70 on April 25 increased by $1.14 billion.

Please note that the acquisition transaction for Twitter requires a $1 billion breakup fee, which may be paid by either Twitter or Musk if the transaction fails.

Twitter's stock has fallen 17.6% year to date, while Tesla's stock has fallen 40.8%, and the S&P 500 has fallen 17.5%.

Tesla's stock price plummets.

After Tesla's stock price plummeted nearly 7% on Tuesday, Elon Musk has dropped out of the $200 billion elite club. On Tuesday, Tesla stock continued to be sold off, leading to a 5.40% plunge in Elon Musk's net worth to $192.7 billion, reaching its lowest level since August 26, 2021. However, the Tesla CEO still ranks high on the Bloomberg Billionaires Index. Jeff Bezos of Amazon (AMZN) ranks second with a wealth of $127.8 billion.