Billionaires are bleeding, especially Elon Musk.

Billionaires are bleeding, especially Elon Musk.

Prepare a handkerchief.

Still at the top of the list is Tesla, Inc. CEO Elon Musk, who lost the most among the 500 billionaires. As the Dow Jones Industrial average and S & P suffered their worst days in two years, Musk's personal wealth shrank by $12.3 billion.

Acquisition of Twitter for $44 billion
Twitter shares fell below where Elon Musk bought, turning a profit of $1.1 billion into a loss of $40 million. Twitter's share price has fallen 31 per cent since social media company Twitter struck a deal.

Easy to come and easy to go, Twitter's share price fell below the position acquired by Elon Musk, wiping out more than $1.1 billion in four weeks.

Shares of the social media company $Twitter (TWTR) $fell 6.0% in Tuesday afternoon trading, near the lowest close since march 16. The company has fallen 31.1% since closing at a high of $51.70 on April 25, when Twitter agreed to be bought by Musk for $54.20 a share.

Musk, founder of $Tesla, Inc. (TSLA) $and SpaceX, bought 73.12 million Twitter shares, or 9.1%, at a weighted average price of $36.157, according to a 13D filing filed with SEC on April 5th.

This means that at current share prices, 1.5 per cent below the purchase price, Mr Musk will lose $40.7 million on his investment. By contrast, the closing price of $51.70 on April 25th was up $1.14 billion.

Keep in mind that the Twitter deal requires a $1 billion breakup fee, which may be paid by Twitter or Musk if the deal fails.

Twitter shares are down 17.6% so far this year, while Tesla, Inc. 's shares are down 40.8%. The S & P 500 (.SPX) $is down 17.5%.

Tesla, Inc. 's share price plummeted

After Tesla, Inc. 's share price plunged nearly 7 per cent on Tuesday, Elon Musk has pulled out of the $200 billion elite club. Tesla, Inc. shares continued to sell off on Tuesday, causing Elon Musk's net worth to plunge 5.40 per cent to $192.7 billion, the lowest level since Aug. 26, 2021. However, CEO Tesla, Inc. is still at the top of the Bloomberg Billionaires Index. $Amazon.Com Inc (AMZN) $Jeff Bezos ranked second with a fortune of $127.8 billion.