Elon Musk made another $1 billion from his Twitter stake. As if he needs it
What Elon Musk's big investment in Twitter could mean ReplayMore Videos ... (15 Videos)What Elon Musk's big investment in Twitter could mean Elon Musk wants to get to Mars with this behemoth rocket'Something Elon can't do': CEO's dance moves light up the internetTeenager tracking Elon Musk's jet explains why he's doing itChina slams Elon Musk and US claiming SpaceX satellites endangered ChineseElon Musk and Sen. Elizabeth Warren in Twitter fight over taxesElon Musk doesn't want US government spending any more money on EV effortsElon Musk to Bernie Sanders: 'I keep forgetting that you're still alive'Tesla shares fall after Elon Musk's Twitter pollMusk trolls Bezos over billionaire statusElon Musk says Tesla is building a humanoid robotBitcoin and crypto's 'Elon Musk problem'Elon Musk tweet sends bitcoin on a wild rideBarefoot Elon Musk says 'a bunch of people will probably die' getting to MarsWatch a young Elon Musk get his first supercar in 1999New York (CNN Business)Elon Musk has gotten a lot of attention from buying a 9.2% stake in Twitter, along with landing a seat on the company's board. He's also worth an additional $1 billion.
In a new filing late Tuesday, Musk disclosed how much he paid for the 73 million shares he started purchasing in late January and completed with a final buy Friday. The average price was $36.16 per share.The news of his Twitter investment sent shares up 27% Monday, and another 2% by Tuesday's close, before slipping slightly in Wednesday trading. But even with that step back in price, Musk is looking at an on-paper profit of roughly $1.1 billion on his $2.6 billion investment. That equates to a return of about 40%. Not bad for a two-month investment.Of course, that amount is essentially sofa cushion change for the world's richest human being. Musk's initial investment represented less than 1% of his net worth, which Forbes estimates at $282 billion. A $1 billion profit? Call it a rounding error.A brief history of Elon Musk's special relationship with TwitterThe Federal Reserve estimates that the US median household net worth is $121,700. So if a typical family had the same percentage increase in their net worth that Musk just got from his Twitter windfall, it would total $461. Not exactly earthshaking. Read MoreSo given his vast wealth, it's fairly safe to say that no person on the planet has ever needed an extra $1 billion less than Elon Musk.Click Here To Get Funded!