Elon Musk’s Twitter posts keep sending bitcoin prices down. His own fate is moving in the same direction.
On Monday, Tesla Inc.’s chief executive lost his place as the world’s second richest man to LVMH president Bernard Arnault as shares of the electric vehicle maker fell 2.2%. This was on top of the previous week’s decline amid global declines in technology stocks and new signs of trouble in China’s business.
Musk, who recently topped the Bloomberg Billionaires Index as of March, now has a fortune of $ 160.6 billion, down 24% from its January high.
The drop follows a turbulent period for Musk, which dropped bitcoin by 15% last week after posting a statement on Twitter that Tesla was no longer accepting digital currency as payment. He also helped to see Dogcoin prices after tweeting he is working with developers of Sheeba Inu-themed tokens to improve transaction efficiency.
Over the weekend, Musk again wreaked havoc when he felt Tesla could or would sell its bitcoin holdings, later clarifying in a tweet on Monday that the company had done nothing of the sort.
To clarify the speculation, Tesla has not sold any bitcoins
– Elon Musk (@elonmusk) 17 May, 2021
The 49-year-old Musk became the richest person in the world in January, when Tesla shares rose nearly 750% amid a surge in technology-driven shares last year. Despite reporting a record first quarter profit, shares of the Palo Alto, California-based company have fallen by nearly a fifth amid global semiconductor shortages and increased competition from traditional vehicle manufacturers.
Musk’s wealth declined nearly $ 9.1 billion this year, the highest among US-based billionaires tracked by Bloomberg’s wealth index.
Meanwhile, the 72-year-old Arnault has added the most to his firm’s luxury goods sales in China and other parts of Asia as its total assets climb from about $ 47 billion to $ 161.2 billion.
(Except for the title, this story has not been edited by NDTV staff and published from a syndicated feed.)