Tuesday, 5 May 2020

Tesla's Elon Musk Lists California Homes For Sale

The billionaire founder of the electric car maker has listed two of his California homes for sale, days after announcing on Twitter that he would get rid of most of his personal possessions. Musk is asking a combined $39.5 million U.S. for the Bel Air properties, according to the listings on Zillow.
Musk, 48, posted more than a dozen tweets in less than 75 minutes last Friday, including one in which he said he's selling "almost all" of his physical possessions. In another Tweet, Musk said he believed Tesla's stock price was too high, prompting a 10% plunge in the share price. Tesla shares rebounded Monday, advancing 3.4% to $725.33 U.S.
As for high-end Los Angeles real estate, sales of luxury homes are suffering as the coronavirus pandemic stopped most showings. Fewer buyers have been coming from China, Russia and the Middle East.
Musk bought the two homes in 2012 and 2013 for a total of about $24 million U.S. They form part of a five-house collection he owns overlooking Bel-Air Country Club. In 2018, Musk turned to Morgan Stanley for $61 million U.S. of mortgages. The two homes he's now looking to unload account for about $26.3 million U.S. of that total.
Tesla shares surged 68% this year through Friday, helping to boost Musk's net worth by $8.3 billion U.S., the second-most of anyone in the 500-member Bloomberg Billionaires Index, after Amazon.com Inc.'s (NASDAQ:AMZN) Jeff Bezos, the world's richest person. Musk ranks number 24 on the billionaire list, with a $35.9-billion fortune.

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