Elon Musk drops from 1st to 3rd Richest due to a Tweet
Elon Musk, the CEO of Tesla, has fallen to second place on Bloomberg’s list of the world’s wealthiest people. Musk’s net worth plummeted by $15.2 billion in a single day after Tesla shares fell 8.6% on Monday. Jeff Bezos, the founder of e-commerce giant Amazon, has once again topped the Bloomberg Billionaires Index. Bezos is worth $186 billion, while Elon Musk is worth $183 billion. On Monday, Tesla’s stock price dropped the most in a single day since September 2020. Musk’s comments on Saturday that the prices of Bitcoin and Ether “do seem strong” fuelled the fall in Tesla’s value. Tesla announced two weeks ago that it had added $1.5 billion in Bitcoin to its balance sheet, prompting Musk’s tweet.
An email saying you have gold is not the same as having gold. You might as well have crypto.
Money is just data that allows us to avoid the inconvenience of barter.
That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
— Elon Musk (@elonmusk) February 20, 2021
Bitcoin currency dropped:
Bitcoin, the world’s biggest cryptocurrency, slid as much as 12.5% to $48,071 Tuesday after a bout of volatility highlighted doubts about the durability of the token’s mesmerizing rally. Musk’s admission, also on Twitter, that Tesla’s Model Y Standard Range SUV will still be available “off the menu” because it doesn’t meet the company’s “Standard of Excellence” was another factor in the company’s valuation plummeting. As the value of Tesla fluctuated this year, Jeff Bezos and Elon Musk swapped positions. Musk briefly overtook Bezos earlier this month after his rocket company SpaceX raised $850 million, valuing the company at $74 billion, up 60% from August.
Elon Musk loses 2nd richest title
Bernard Arnault, chairman, and CEO of luxury goods group LVMH has surpassed Musk to become the world’s second-richest individual. Tesla CEO Elon Musk dropped one spot to third place on the list of the world’s wealthiest people on Monday, as the electric vehicle maker’s stock fell 2.2 percent. According to the Bloomberg Billionaires Index, Bernard Arnault, chairman, and CEO of luxury goods group LVMH has surpassed Musk to become the world’s second-richest individual.
To clarify speculation, Tesla has not sold any Bitcoin
— Elon Musk (@elonmusk) May 17, 2021
Recently, Musk’s statements have led to a fall in bitcoin, with the cryptocurrency trading under $45,000. On May 12, Musk said Tesla will no longer accept bitcoin for car purchases; citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency. The Tesla boss’ tweets, which had helped drive some of the gains in bitcoin in recent months; last week triggered a 17 percent slide in the value of the cryptocurrency when he said his company’s customers would no longer be able to use bitcoin to buy its cars. On Sunday, he suggested Tesla may have sold off its bitcoin holdings. However, he later clarified that the electric maker has not sold any bitcoin.
