Elon Musk has just been struck by a staggering loss of $100 billion due to the plummeting price of Tesla stocks.
The decline in Musk’s wealth is directly related to the deterioration in the price of Tesla shares.
Yet, while SpaceX is doing well, having been valued at $100 billion this October, Tesla clearly is not.
Musk officially bought Twitter in October to the tune of forty-four billion U.S. dollars, but that sum might have been just too much.
The consequences, as The Wall Street Journal notes, are that Musk faces rapidly tumbling revenue, enormous debt, and soaring costs.
The New York Times underscored that point this afternoon when they announced that Musk told his employees “the economic picture ahead is dire.”
If so, then that means bankruptcy and financial ruin might be looming in the-not-too-distant future of the former social-networking service along with its CEO’s net worth. »