Bitcoin prices continue to plummet as a result of Elon Musk’s Twitter articles. His own fortune is deteriorating in the same way.
Tesla Inc.’s CEO lost his place as the world’s second-richest individual to LVMH Chairman Bernard Arnault on Monday, as the electric vehicle maker’s stock fell 2.2 per cent. This came on top of last week’s drop, which coincided with a global sell-off in technology stocks and new signs of trouble in its China business.
Musk, who was the richest person in the Bloomberg Billionaires Index before March, now has a net worth of $160.6 billion, down 24% from its January peak.
The drop comes after a tumultuous week for Musk, who sent Bitcoin plunging by as much as 15% last week after announcing on Twitter that Tesla will no longer accept Bitcoin as payment.
After tweeting that he’s collaborating with developers of the Shiba Inu-themed token to increase transaction efficiencies, he also helped to whipsaw Dogecoin rates.
Musk wreaked havoc again over the weekend when he appeared to say that Tesla was selling or had sold its Bitcoin assets, before later clarifying in a tweet Monday that the company had not done so.
Tesla has not sold any Bitcoin, according to Elon Musk (@elonmusk). 17th of May, 2021
Musk, 49, became the world’s wealthiest man in January after Tesla’s stock rose nearly 750 percent last year amid a boom in technology-related stocks. After posting a record first-quarter profit, the Palo Alto, California-based company’s stock has dropped by about a fifth since then due to a global semiconductor shortage and increasing competition from traditional automakers downturn.