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2022-04-07

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Elon Musk Made Another $1 Billion from His Twitter Stake. As If He Needs It

Call it a rounding error.In fact Musk disclosed onTwitterWednesday that he had made an error in his initial filing that showed he had purchased 73.5 million shares, which works out to a 9.2% stake in the company.His filing Tuesday night disclosed the correct number of shares: 73.1 million shares, or a 9.1% stake. When some took that to mean he had already sold nearly 400,000 of those initial 73.5 million shares, he responded that the difference was due to a filing mistake.As for how little a $1

Elon Musk Made Another $1 Billion from His Twitter Stake. As If He Needs It

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As If He Needs It","url":"https://stock-news.laohu8.com/highlight/detail?id=1173645974","media":"CNN Business","summary":"Call it a rounding error.In fact Musk disclosed onTwitterWednesday that he had made an error in his initial filing that showed he had purchased 73.5 million shares, which works out to a 9.2% stake in the company.His filing Tuesday night disclosed the correct number of shares: 73.1 million shares, or a 9.1% stake. When some took that to mean he had already sold nearly 400,000 of those initial 73.5 million shares, he responded that the difference was due to a filing mistake.As for how little a $1 ","content":"<html><head></head><body><p><b>New York (CNN Business)</b> <b>-</b> Elon Musk has gotten a lot of attention from buying a 9.1% stake in Twitter, along with landing a seat onthe company&#39;s board. He&#39;s also worth an additional $1 billion.</p><p>In a new filing late Tuesday, Musk disclosed how much he paid for the 73 million shares he started purchasing in late January and completed with a final buy Friday. The average price was $36.16 per share.</p><p>The news of his Twitter investment sent shares up 27% Monday, and another 2% by Tuesday&#39;s close, before slipping slightly in Wednesday trading. But even with that step back in price, Musk is looking at an on-paper profit of roughly $1.1 billion on his $2.6 billion investment. That equates to a return of about 40%. Not bad for a two-month investment.</p><p>Of course, that amount is essentially sofa cushion change for the world&#39;s richest human being. Musk&#39;s initial investment represented less than 1% of his net worth, which Forbes estimates at $282 billion. A $1 billion profit? Call it a rounding error.</p><p>In fact Musk disclosed on Twitter Wednesday that he had made an error in his initial filing that showed he had purchased 73.5 million shares, which works out to a 9.2% stake in the company.</p><p>His filing Tuesday night disclosed the correct number of shares: 73.1 million shares, or a 9.1% stake. When some took that to mean he had already sold nearly 400,000 of those initial 73.5 million shares, he responded that the difference was due to a filing mistake.</p><p>As for how little a $1 billion profit might mean to someone as rich as he is, here&#39;s some context: The Federal Reserve estimates that the US median household net worth is $121,700. So if a typical family had the same percentage increase in their net worth that Musk just got from his Twitter windfall, it would total $461. Not exactly earthshaking.</p><p>So given his vast wealth, it&#39;s fairly safe to say that no person on the planet has ever needed an extra $1 billion less than Elon Musk.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Made Another $1 Billion from His Twitter Stake. 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As If He Needs It\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-07 11:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2022/04/06/investing/elon-musk-twitter-stake-profit/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) - Elon Musk has gotten a lot of attention from buying a 9.1% stake in Twitter, along with landing a seat onthe company's board. He's also worth an additional $1 billion.In a ...</p>\n\n<a href=\"https://edition.cnn.com/2022/04/06/investing/elon-musk-twitter-stake-profit/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TWTR":"Twitter","TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2022/04/06/investing/elon-musk-twitter-stake-profit/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173645974","content_text":"New York (CNN Business) - Elon Musk has gotten a lot of attention from buying a 9.1% stake in Twitter, along with landing a seat onthe company's board. He's also worth an additional $1 billion.In a new filing late Tuesday, Musk disclosed how much he paid for the 73 million shares he started purchasing in late January and completed with a final buy Friday. The average price was $36.16 per share.The news of his Twitter investment sent shares up 27% Monday, and another 2% by Tuesday's close, before slipping slightly in Wednesday trading. But even with that step back in price, Musk is looking at an on-paper profit of roughly $1.1 billion on his $2.6 billion investment. That equates to a return of about 40%. Not bad for a two-month investment.Of course, that amount is essentially sofa cushion change for the world's richest human being. Musk's initial investment represented less than 1% of his net worth, which Forbes estimates at $282 billion. A $1 billion profit? Call it a rounding error.In fact Musk disclosed on Twitter Wednesday that he had made an error in his initial filing that showed he had purchased 73.5 million shares, which works out to a 9.2% stake in the company.His filing Tuesday night disclosed the correct number of shares: 73.1 million shares, or a 9.1% stake. When some took that to mean he had already sold nearly 400,000 of those initial 73.5 million shares, he responded that the difference was due to a filing mistake.As for how little a $1 billion profit might mean to someone as rich as he is, here's some context: The Federal Reserve estimates that the US median household net worth is $121,700. So if a typical family had the same percentage increase in their net worth that Musk just got from his Twitter windfall, it would total $461. 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