Elon Musk’s fortune falls by $ 15 billion after Tesla ‘s shares fell 9% in one day Currency News Financial and business news

Billionaire Elon Musk has once again fallen to second place on the Bloomberg index of the richest people in the world after its net worth fell by $ 15 billion on Monday.

His fortune fell to $ 183 billion, allowing outgoing Amazon boss Jeff Bezos to regain first place, after Tesla’s shares fell 9% on Monday – their biggest one-day drop since late September. The decline was partly driven by musk tweets over the weekend that bitcoin and Ethereum prices seem high. Bitcoin fell 11% on Tuesday, to $ 48,016, as a sign of rapid rise caution, while Ethereum fell 15%, to $ 1,521.

Shares of electric vehicle manufacturers were further undermined by his decision to stop orders for a cheaper version of his SUV model Y. Tesla removed the car from the Internet configurator just a month after launch. It is not yet clear whether the decision is temporary or permanent.

Musk was pushed to second place in Bloomberg’s billionaire index for the second time this month, but both he and Bezos have been trading places since January on the back of Tesla’s volatile stock prices. Bloomberg now estimates Bezos’ fortune at $ 186 billion, with Musk behind him at $ 3 billion.

Bezos held the top spot for three consecutive years until January, until Musk took office after nearly 800% growth in the value of Tesla’s shares.

On Monday, golden bull and bitcoin cynic Peter Schiff tweetao: “Two weeks after @elonmusk announced it had spent $ 1.5 billion in shareholder money buying Bitcoin, #Tesla The stock entered the bear market, dropping 20% ​​from its highest high on Jan. 25, and 16% since announcing its #Bitcoin purchase. Not an example that other CEOs are likely to follow! “

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But according to crypto expert Paolo Ardoin, technical director at the crypto exchange Bitfinex, price fluctuations can be expected in the newly created space. The sharp drop in the price of bitcoin could spur many critics of the cryptocurrency, including those who recently dismissed it as an economic side show, he said.

“Such criticism misses the point and the profound impact it is beginning to have,” he added. “For many stock markets tested in battles that have weathered market fluctuations, volatility is not new and is expected in such a young market.”