Elon Musk's $15 Billion Tweet leads to decline in Musk's wealth

Elon Musk has lost the “world’s richest person” status after an 8.6% decline of Tesla shares on Monday, which wiped out $15.2 billion from his net worth. The decline came in response to Musk’s tweet over the weekend saying that the prices of Bitcoin and its rival “do seem high.” The message was bound to hurt Tesla, considering Tesla’s $1.5 billion investment two weeks prior.

Bloomberg reported that “Musk dropped to second on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth of $183.4 billion — down from a peak of $210 billion in January.”

Bitcoin, which has seen a surge of over 400% over the last year, continued to slide for a second day on Tuesday, at one point slipping below $50,000. The slide continued in parallel to Tesla shares that continued their slide in early trading in New York, dropping by 5.2% to $677.50.

Bloomberg has termed this as upping of the Twitter game by Elon Musk. “Elon Musk has upped his Twitter game, sending holders of Bitcoin and Tesla Inc. scrambling during another bout of self-reflection.”, added the financial media reporting company.

This is not the first time that the famous inventor has sent shockwaves down his own company. Elon Musk has similarly ruffled a lot of feathers with his tweets multiple times in the past.

Source: Bloomberg