Elon Musk Slips to Third Place in World’s Richest Ranking Following Bitcoin Debacle

It appears that Tesla CEO Elon Musk has slipped to third place in the world’s in the ranking of the world’s richest, as his company’s shares continue to lose steam in the stock market.

The eccentric billionaire, who recently climbed to the top spot in the Bloomberg Billionaires Index before being pushed down a rank by Amazon founder Jeff Bezos, was edged down from the runner-up position by luxury goods conglomerate LVMH chairman Bernard Arnaut. The sudden decline in Musk’s fortune, which has fallen by nearly 25% since January, is now valued at approximately $160.6 billion.

Tesla’s recent poor performance in the stock market is the culprit behind its CEO’s slowly receding wealth, as Musk’s bitcoin-themed twitter posts may finally be catching up to him. On Sunday, Musk once again sent bitcoin plummeting, after investors took his single-word tweet as a hint that the billionaire is contemplating selling (or has already sold) Tesla’s bitcoin holdings.

The tweet sent the cryptocurrency market into a tailspin, as bitcoin dropped to below $42,450— marking the sharpest drop in over three months. Although the world’s biggest cryptocurrency regained some of the lost momentum after Musk took to twitter once again to clarify that Tesla has not sold any bitcoin, the cryptocurrency is still hovering at around $42,800 at the time of writing.

Last week, Musk dealt a serious blow to bitcoin, after he used twitter to announce that Tesla will no longer accept bitcoin as payment due to environmental concerns stemming from the coin’s mining. Back in February, the billionaire announced that Tesla has purchased $1.5 billion worth of bitcoin, sending the token’s price soaring to new record-highs.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Elon Musk’s Neuralink ‘Show & Tell’ Event Moved to November 30

Billionaire Elon Musk announced on Sunday — on Twitter, of course — that Neuralink’s ‘show...

Monday, October 24, 2022, 03:07:00 PM

Former Employees Sue Tesla For Alleged Violation Of Federal Laws During “Mass Layoffs”

According to a lawsuit filed by two former employees against Tesla (NASDAQ: TSLA), the EV-maker...

Saturday, June 25, 2022, 01:08:00 PM

Tesla Reports 495,570 Deliveries In Q4

Tesla (NASDAQ: TSLA) this morning published the production and delivery results for its fourth quarter...

Thursday, January 2, 2025, 09:20:32 AM

Ford CEO Isn’t Worried About Tesla’s Fancy Cybertruck: “I Make Trucks for Real People”

During an interview on CNBC’s Mad Money, Ford CEO Jim Farley dismissed concerns that Tesla’s...

Saturday, June 24, 2023, 03:24:00 PM

Elon Musk’s Neuralink Accused Of Killing 15 Of 23 Test Monkeys With Tech Research

It appears that Elon Musk’s Neuralink is more than a little away from prime time....

Saturday, February 12, 2022, 12:50:39 PM