Musk’s Role as ‘Chief Twit’ Knocks $10 Billion From Fortune

Musk overpaid for Twitter based on decline in index of peers
Those who cashed out pocket gains and avoided market swings

Elon Musk carries a sink into Twitter headquarters in San Francisco. — Elon Musk carries a sink into Twitter headquarters in San Francisco.
Photographer: AFP/Getty Images

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By Tom Maloney

October 28, 2022 at 9:00 PM UTC

This article is for subscribers only.

In the hours before finalizing his $44 billion acquisition of Twitter Inc., Elon Musk said he bought the social-media platform to help humanity, not to make more money.

Indeed, by finalizing the deal, the world’s richest person, who now calls himself “Chief Twit,” took an instant $10 billion hit to his net worth, according to calculations by the Bloomberg Billionaires Index.