Elon Musk has pledged roughly $44 billion to take over and privatise Twitter but Wall Street has been concerned about a possible U-turn from the billionaire. If Musk does backtrack on such a deal, it would not be the first time.

Elon Musk, currently the richest person in the world, does have an option to go back on his word but at a cost. Reuters reported that the Tesla and SpaceX CEO would have to pay a breakup fee worth $1 billion to Twitter.

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However, this would just be a small portion of his $240 billion net worth, as estimated by Forbes.

In 2018, Elon Musk wrote in a social media post that he had “secured funding” worth $72 billion and was all set to make Tesla a private company. However, he never followed up on the idea.

He also almost backtracked in the recent Twitter deal too after refusing a position on Twitter’s board of directors. Twitter CEO Parag Agarwal had offered Musk a seat after it was revealed he was the biggest shareholder of the microblogging platform.

Investors’ worries about Elon Musk backing out of the Twitter deal also reflected on Wall Street on Wednesday after the social media giant’s shares plummeted and fell to their lowest level since the deal was announced two days ago.

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Reuters reported that investors worried about Musk not having enough funds with him to fulfill his promise of $21 billion cash in a deal that was worth roughly $44 billion. The remaining amount came from external funding and liquidating some of Musk’s Tesla shares, media reports suggest.

The impact of the Twitter deal was also seen on Tesla shares on Tuesday, which fell more than 12% and reduced the car manufacturer’s value by nearly $126 billion.