Singapore markets closed
  • Straits Times Index

    3,095.59
    -6.62 (-0.21%)
     
  • Nikkei

    25,935.62
    -457.42 (-1.73%)
     
  • Hang Seng

    21,859.79
    -137.10 (-0.62%)
     
  • FTSE 100

    7,168.65
    -0.63 (-0.01%)
     
  • BTC-USD

    19,036.67
    -299.63 (-1.55%)
     
  • CMC Crypto 200

    420.84
    +0.70 (+0.17%)
     
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • Dow

    31,097.26
    +321.83 (+1.05%)
     
  • Nasdaq

    11,127.84
    +99.11 (+0.90%)
     
  • Gold

    1,812.90
    +5.60 (+0.31%)
     
  • Crude Oil

    108.46
    +2.70 (+2.55%)
     
  • 10-Yr Bond

    2.8890
    -0.0830 (-2.79%)
     
  • FTSE Bursa Malaysia

    1,449.74
    +5.52 (+0.38%)
     
  • Jakarta Composite Index

    6,794.33
    -117.25 (-1.70%)
     
  • PSE Index

    6,165.35
    +9.92 (+0.16%)
     

Musk loses US$12 billion in a day as he tweets politics, slams ESG

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Musk loses US$12 billion in a day as he tweets politics, slams ESG. (PHOTO: REUTERS/Andrew Kelly)
Musk loses US$12 billion in a day as he tweets politics, slams ESG. (PHOTO: REUTERS/Andrew Kelly)

By Brian Chappatta

(Bloomberg) — Elon Musk spent Wednesday on Twitter Inc., announcing his political switch from Democrat to Republican, trashing ESG and replying to several users of the social-media website he’s agreed to buy.

Tesla Inc., meanwhile, sank to the lowest level this year, wiping US$12.3 billion from his wealth, while Twitter further extended its slide. All told, Musk has lost US$49 billion since launching his bid for Twitter last month, partly as the wider market tumbled and as some investors in Tesla grew concerned over how he’d fund his offer for the social-media giant.

Musk, 50, remains the world’s richest person, with a fortune of US$209.9 billion, according to the Bloomberg Billionaires Index. He’s shaved US$60.4 billion off his wealth this year, trailing only Binance’s Changpeng Zhao, who’s down US$81 billion, and Jeff Bezos’s US$62 billion drop.

Musk has grown increasingly vocal since launching his US$44 billion offer for Twitter. Wednesday was no exception.

He tweeted that ESG was “a scam” after Tesla lost its spot on an S&P Global index that tracks companies on their environmental, social and governance standards. He also predicted that “political attacks” on him would “escalate dramatically in coming months.”

In a separate tweet, Musk said he’d supported Democrats in the past because “they were (mostly) the kindness party,” but has now changed his mind.

“They have become the party of division & hate, so I can no longer support them and will vote Republican,” he said.

© 2022 Bloomberg L.P.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting