Business News: As Elon Musk’s Twitter posts sends the value of Bitcoin currency tumbling down, so does his net worth go tumbling down in the same direction, Just on Monday, Tesla’s CEO Elon Musk lost his second-spot as the world’s richest man to the French entrepreneur, LVMH Chairman Bernard Arnault.
Tesla’s shares fell by 2.2% as there was global slump in technological stocks and trouble in its business in China. Elon Musk held the top spot the world’s richest man till the month of March in Bloomberg’s Billionaires Index. His net worth fell down by 24% ever since to $160.6 billion now.
It is indeed a turbulent time for the businessman this year, also the value of the Bitcoin currency Dogecoin, down by 15% last week after tweeting that Tesla will no longer accept the digital currency as payments. Musk also whipsawed the value of Dogecoin, which has the shiba-inu breed dog as its face, after he tweeted, he is working with the developers to increase the transaction efficiencies of the token.
Elon Musk further caused dent to the value of bitcoin after getting misunderstood by some from his tweet that kind of implied that Tesla might sell or have already sold its bitcoin holdings. He later clarified that he has not done anything like that.
Elon Musk was the world’s richest person by the month of January 2021, as Tesla’s stock skyrocketed by 750% driven by boom in global technological stocks. But soon by the end of March, when the global semiconductor shortage started biting technology industries causing halts in production as well.
Musk’s net worth fell by at least $9 billion this year alone, being the biggest drop in net worth of U.S businessmen. Meanwhile, net worth of the 72-year-old Bernard Arnault has been on the gradually ascend adding $46 billion to his net worth, to $161.2 billion as the sale of his luxury goods has been on highs in China and Asia.