By THOUSIF INC
Elon Musk has gotten much attention for buying a 9.1% stake in Twitter and landing a seat on the company's board. He is also worth an additional $1 billion.
Musk disclosed how much he paid for the 73 million shares he started purchasing in late January in a new filing late Tuesday.
Moreover, he completed 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.
However, Musk is looking at an on-paper profit of roughly $1.1 billion on his $2.6 billion investment even with that step back in price.
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 as $282 billion. A $1 billion profit? Call it a rounding error.
Musk disclosed on Twitter Wednesday that he had made an error in his initial filing that showed he had purchased 73.5 million shares, which works out to a 9.2% stake in the company.
His filing Tuesday night disclosed the correct number of shares: 73.1 million shares, or a 9.1% stake.
When some took that to mean he had already sold nearly 400,000 of those initial 73.5 million shares, he responded that the difference was due to a filing mistake.
As for how little a $1 billion profit might mean to someone as rich as he is, here is some context:
The 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. So given his vast wealth, it is relatively safe to say that no person on the planet has ever needed an extra $1 billion less than Elon Musk.