Elon Musk, the new owner of Twitter, is considering putting the entire platform behind a paywall.
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The Tesla founder has amassed more than $92 billion in wealth this year with his acquisition of Twitter, which he now plans to pay for.
According to Bloomberg, shares of his other company, Tesla Inc. , which accounts for the majority of his fortune, for just $186.75 on Tuesday (November 8, 22). The site reported that this drop in value is due to the fact that investors of the electric car company are concerned after its acquisition of the social network.
The 51-year-old businessman’s fortune is now $177 billion, after peaking at $340 billion last year when Tesla shares hit a record high of $410. According to Bloomberg, her current net worth has had no effect on her status as the richest person in the world.
Elon Musk finalized a $44 billion deal as part of his takeover of Twitter late last month, and according to The Verge, he has borrowed $12 billion to fund it.
Therefore, today he will look for other ways to make a profit for the company, including charging a monthly subscription fee for most, if not all, users. According to a source familiar with the matter, the billionaire and one of his advisors, venture capitalist David Sachs, discussed this potential wall during recent meetings.
Elon Musk laid off a significant portion of Twitter’s 7,500 employees this week, just days after taking over the company.
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