Elon Musk is no more world’s wealthiest person just because of a tweet

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Elon Musk, a business magnate and founder of SpaceX, lost the status of world’s richest person after Tesla witnessed a decline of 8.6% this week, depriving him of $15.2 billion.

It is believed that Musk suffered a major blow due to his single tweet on bitcoin, in which Tesla had invested $1.5 billion two weeks prior.

The business tycoon, who took over Amazon’s Jeff Bezos last month to become wealthiest person of the world, in the tweet said that the prices of Bitcoin and its rival “do seem high.”

Bloomberg reported that “Musk dropped to second on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth of $176 billion — down from a peak of $210 billion in January.”

Bitcoin is on downward trajectory from the start of this week after it saw historic over 400% surge over the last year.

Bloomberg said, “Elon Musk has upped his Twitter game, sending holders of Bitcoin and Tesla Inc. scrambling during another bout of self-reflection”.

On January 8, Tesla and SpaceX founder Elon Musk has become the world’s wealthiest person as his net worth surpassed $185bn (£136bn) after shares in the electric car company soared by 4.8% on Thursday.

The 49-year-old entrepreneur had taken the top spot from Amazon founder Jeff Bezos, who had held it since 2017.

“Musk’s electric car company Tesla has surged in value this year and hit a market value of $700bn (£516bn) for the first time on Wednesday. That makes the car company worth more than Toyota, Volkswagen, Hyundai, GM, and Ford combined,” read the news report published by BBC.

Musk reacted to the news of the world’s richest person with tweets stating “how strange” and “well, back to work …”

Back in November, Musk toppled Microsoft founder Bill Gates to become the world’s second-richest person.

“The 49-year-old entrepreneur’s net worth rose by $7.2bn (£5.4bn) to $127.9bn as the maverick chief executive of the electric car company is now ranked immediately behind the Amazon boss, Jeff Bezos,” read the news report published in The Guardian.

Read more: https://pakobserver.net/tesla-made-around-1-billion-profit-on-bitcoin-bet-estimates-analyst/

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