Tesla CEO Elon Musk has yet again slipped to the number two spot on Bloomberg’s list of the world’s richest person. Musk’s net worth reduced by a whopping $15.2 billion in a day after Tesla shares slid 8.6% on Monday. E-tailer Amazon’s founder Jeff Bezos has once again topped the Bloomberg Billionaires Index. Bezos has $186 billion in wealth as against Musk’s $183 billion fortune.
Tesla witnessed the biggest one-day decline in its value since September 2020 on Monday. The decline in Tesla’s value was fueled mainly by Musk’s comments on Saturday that the prices of Bitcoin and Ether “do seem high.”
Musk’s tweet came two weeks after Tesla announced it has added $1.5 billion in Bitcoin to its balance sheet.
Bitcoin, the world’s biggest cryptocurrency, slid as much as 12.5% to $48,071 Tuesday after a bout of volatility highlighted doubts about the durability of the token’s mesmerizing rally.
According to @elonmusk "Bitcoin is almost as BS as fiat money." So Musk regards both #Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It's real money and better than both!— Peter Schiff (@PeterSchiff) February 19, 2021
The other trigger for the decline in Tesla’s value was Musk’s admission, this also on Twitter, that Tesla’s Model Y Standard Range SUV would still be available “off the menu” because it doesn’t meet the company’s “Standard of Excellence.”
Why was the SR Y removed?— Jason LRRWD Y (@jgrano305) February 22, 2021
Jeff Bezos and Elon Musk have been swapping places this year as the value of Tesla fluctuated. Earlier this month, Musk briefly overtook Bezos after his rocket company SpaceX raised $850 million, valuing the company at $74 billion, a 60% jump from August.
Musk’s wealth has increased by $13.6 billion year-to-date, which is second-most for a billionaire in the Bloomberg Billionaires Index.