Forbes: Elon Musk lost $29B after Twitter purchase announcement

Elon Musk had his net worth plummeting 10.83 percent - or $29 billion - to $239.2 billion overnight after shares in his electric-vehicle maker Tesla plunged 12 percent in New York trading, wiping about $126 billion off the company's value, according to the Forbes Real-Time Billionaires List.

Tesla investors are concerned Musk may have to sell shares to complete his $44 billion takeover of Twitter, which was approved by the social media company's board of directors this week, Report informs referring to Bloomberg.

On April 26, the 50-year-old founder and chief executive of Tesla and rocket company SpaceX had a net worth of $268.2 billion, the Forbes data showed.

However, it isn't the first time Musk's net worth has taken a beating.

On November 14, Musk lost a record $50 billion after Tesla shares plunged two days in a row.

“It is the biggest two-day decline in the history of the Bloomberg Billionaires Index and the highest one-day fall after [Amazon founder] Jeff Bezos’s $36 billon decline after his divorce from MacKenzie Scott in 2019,” Bloomberg reported at the time.

Just two weeks earlier, on October 28, 2021, Musk became the first person on the planet to be worth more than $300 billion, with a personal fortune of $302 billion, according to the Bloomberg Billionaires Index.