Elon Musk spent more on Twitter than Argentina’s dollar reserves

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Elon Musk spent more on Twitter than Argentina’s dollar reserves

Elon Musk bought Twitter.

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The business world is still processing the impact of the Twitter purchase of Elon Musk, the richest man in the world. Ang $ 44 billion that the South African billionaire stays on this social network is more than the total reserves the Central Bank has.

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The latest official data details reached by gross reserves US $ 42,637 million. Even using each of the tickets wasn’t enough to match Musk’s move.

The total reserve of the Central Bank is not the entity’s own dollars. In all that, $ 10 billion corresponds to dollar reserves deposited by Argentines in banks. The others $ 20 billion is exchanging with China -a type of line of credit that in fact appears as accounting entry-, to which it is added $ 3 billion in the lines of international organizations. Then there are gold holdings, equal to $ 5 billionand finally the net reserves, the effective ones available to Central, which extends $ 8.2 billionaccording to estimates by consulting firm LCG.

One of the issues worrying the market and driving the rise of the alternative dollar is the difficulty of the Central Bank in accumulating reserves.

So far in April, the financial authority has only added $ 220 millionwhich shows that due to the instability prevailing in the market and the increasing demand for foreign currency by individuals and companies, it does not take advantage of the larger liquidation of the field, which has already been reversed. $ 8 billion this year, in the heat of record grain prices.

Musk’s operation

Elon Musk already has 10% of the shares on Twitter and now he has increased the ante by buying the rest of the company in a transaction that sets the share value to $ 54.20, which reached US $ 44,000 million.

Strictly speaking, the US $ 44 billion did not all come from Musk’s pocket. he contributes $ 21 billion and others are provided by investment bank Morgan Stanley and a group comprised of Société Générale and BNP Paribas.

Musk tops the Forbes list as the richest man in the world, with a personal fortune of $ 264 billion. To date, there have been two pillars of his empire: Tesla, the electric car company, and Space X, the aerospace company that plans to bring humans to Mars.

Almost all of Musk’s wealth is tied to Tesla, which has a market value close to 1 trillion dollars and where he is the majority shareholder with a 17% stake.

Twitter is a small company compared to other social networks like Facebook, which, although it is declining, still has 2,000 million accounts. By the end of 2021 I have 217 million users and showed losses on its final balances, except for 2018 and 2019, when it had those $ 1 billion.

After this purchase, the market was worried about Tesla’s future. In this framework, the company’s shares have fallen 11% on Wall Street today and dragged down other large technology companies included in the Nasdaq index.

Twitter fell 3.50%and other important names fell, such as Netflix (-4.9%), Amazon (-4%), Alphabet (-3.2%), Apple (-2.7%) and Meta (-2%) .

AQ

Source: Clarin

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