World’s Richest Man, Elon Musk Makes Additional $1 Billion From Twitter Shares
- Elon Musk is smiling to the bank with an additional $ 1 billion profit from his investment in Twitter
- On Tuesday, Musk revealed that he paid a $2.6 billion investment totalling a 40 per cent stake in the company
- The billionaire businessman tweeted on Wednesday, April 6 2022 that he made a mistake in his initial filing which revealed that he bought 73.5 million stakes
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
The world’s richest human being, Elon Musk has raked in an additional N415 billion ($1 billion) from his investment in the social media network, Twitter.
This means the Tesla CEO has an additional $1 billion added to his net worth.
CNN reported that on late Tuesday, April 5, 2022, Musk revealed how much he paid for his over 73 million stakes he began to purchase in late January and finalised with a buy on Friday, April 2, 2022. The average price was $36.16 per share, the report said.
Musk’s Twitter shares acquisition spiked the price of the microblogging site by 27 per cent on Monday, April 5, 2022, and another 2 per cent by Tuesday, April 6, 2022, before falling slightly in Wednesday’s trading.
Source: Getty Images
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
On paper, the SpaceX owner is looking at a $1.1 billion profit on his $2.6 billion investment, totalling a 40 per cent stake.
Chicken change for a billionaire
Analysts say that is a chicken change for Musk who, according to Forbe’s latest ranking is worth $282 billion.
The billionaire businessman tweeted on Wednesday, April 6 2022 that he made a mistake in his initial filing which revealed that he bought 73.5 million stakes which total a 9.2 per cent stake in the company.
The filing on Tuesday, April 6, 2022, showed that the correct number of shares is 73.1 million shares or 9.1 per cent. When someone took it to mean that he had already traded almost 400,000 of his earlier 73.5 million shares, Musk said the difference was due to a stock filing error.
What analysts say about Musk's Twitter earnings
Analysts say that his latest $ 1 billion profit might mean so little for a person with his net worth.
The US Federal Reserve estimated that the median household income is $121,700. So if a particular family had the same percentage growth in their net worth that Musk just got from his Twitter shares, it would total $461.
Twitter shares soar after Musk takes 9 per cent stake in microblogging Site
Legit.ng has reported that days before he acquired a 9.2 per cent state in the social media company, Twitter, Tesla CEO, Elon Musk had threatened to build a new social media company to take on the likes of Facebook and his favourite, Twitter.
Musk had criticised the microblogging site for not adhering to the tenets of free speech. He questioned the company for priding itself as the de facto town square.
He now owns 73,4486,938 shares of the company. Representing a 9.2 per cent share in the company, Securities and Exchange Commission 13G filing says, a report by CBN says.
Source: Legit.ng
