5 Worst Money Lessons From Elon Musk

Elon Musk is still the world’s richest man, with a $244 billion net worth, according to the Bloomberg Billionaires Index. He has been making headlines constantly for a slew of reasons, some of which include his Twitter acquisition and how it has affected Tesla, and whether SpaceX might soon go public. And the latest Musk news is his feud with rival tech giant Meta’s Mark Zuckerberg, who just launched the social platform Threads, deemed a “Twitter Killer.” Hours after the launch, Musk lawyers threatened to sue Meta, accusing the company of poaching former Twitter employees who “had and continue to have access to Twitter’s trade secrets and other highly confidential information,” according to a letter obtained by Semafor.

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“Competition is fine, cheating is not,” Musk tweeted on July 6.

Whether this latest move ends up being costly remains to be seen. Meanwhile, here are a few of Musk’s worst money lessons.

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Paying an Overinflated $44 Billion for Twitter

Many saw the final Twitter price tag as a huge loss for Musk, as the deal finalized on Oct. 27, 2022, when the sector was tanking, decreasing the company’s value. At the time, Wedbush Securities analyst Dan Ives said in a note sent to GOBankingRates that the $44 billion deal “will go down as one of the most overpaid tech acquisitions in the history of M&A deals on the Street in our opinion.” Wedbush said that Musk buying Twitter “remains a major head scratcher,” with fair value that it would peg atroughly $25 billion.