On Monday, after Tesla shared slid 8.6% wiping $15.2 billion from the net worth, it is found that Elon Musk is no longer the world’s richest person. In fact, since September, this has been the biggest decline in Tesla’s value. The decline was due to a tweet of musk that the prices of Bitcoin and smaller rival Ether “do seem high”. Also, on Monday, via a tweet he said “Tesla’s Model Y Standard Range SUV would still be available off the menu”.
The Bitcoin Value Crashed On Monday
For a long time, Elon Musk has been one of the biggest supporters of cryptocurrency. But his recent tweets regarding Bitcoin have led to the decline in its value. According to Musk, “Bitcoin is almost as much of a hoax as fiat money.” He even considers Bitcoin as bullshit and also shared his thought saying, “Bitcoin, which is a digital fiat currency, is even more nonsense than the paper fiat currency issued by central banks”. He further added, “That said, BTC and ETH (Bitcoin and Ethereum) seem to be high”.
Effect of That “One Tweet” by Tesla Supremo
Since September 2020, Tesla witnessed the biggest one-day decline on Monday. However, worldwide, owing to the rising bond yields and inflation worries, the financial markets have witnessed selling pressure. The tweet not only made Tesla’s stock down by 8% but also pushed Elon Musk to the point where he slipped to the second spot on the Bloomberg Billionaire index by losing $15 billion.
Bezos and Musk Have Been Swapping Places
From a recent report, it is been found that since January as the value of Tesla wavered, Musk and Bezos have been swapping places. The stock of Tesla surged as much as 25% before wiping off almost all of its profits. Earlier this month, Musk had overtaken Bezos by $850 million in his rocket company SpaceX, valuing the company at $74 billion which is a 60% jump from August. For three straight years, before January, the founder of Amazon had occupied the top post. After this, in the Tesla shares, Elon Musk eclipsed the e-commerce titan owing to a 794% rally.
TPT Policy Advocacy & Recommendations
- Every person must keep in mind that the way social media platforms raise his/her standards of living, in the same way, can also cause a decline in that. The way Musk’s one tweet pushed him to lose the “richest person” tag it is an alarming bell to the others that it’s better not to criticize anything or anyone.
- Maybe, the fall of Bitcoin this time be temporary as over the past few months this kind of fall of Bitcoin is witnessed by everyone. The CEO of Bitcoin must bring in some strategic plans to recover Bitcoin well from this fall.