Musk takes a $10 bn hit to his net worth after finalising Twitter deal

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.

Musk, 51, spent at least $25 billion to follow through on his agreement from April to buy Twitter for $54.20 a share, assuming he kept the external investors who’d committed $7.1 billion to the deal.

But six months after Musk announced he would buy the company, his offer looks very expensive.