Elon Musk Wealth Falls by $ 15 Billion After Tesla Shares Drop 9% in One Day | Currency News | Financial and business news

Billionaire Elon Musk fell back to second place on Bloomberg’s index of the world’s richest people after his net worth fell by $ 15 billion on Monday.

His wealth fell to $ 183 billion, allowing outgoing Amazon CEO Jeff Bezos to regain top spot, after Tesla shares fell 9% on Monday, their biggest one-day drop since the end of September. September. The drop appeared to be due in part to Musk tweeting over the weekend that bitcoin and Ethereum prices appeared high. Bitcoin fell 11% on Tuesday, to $ 48,016, in a sign of caution for its rapid rise, while Ethereum fell 15% to $ 1,521.

The electric vehicle maker’s shares were further undermined by its decision to stop orders for a cheaper version of its Model Y SUV. Tesla has removed the car from its online configurator just a month after launch. It is not clear if the decision is permanent.

Musk has been pushed to second place on the Bloomberg Billionaires Index for the second time this month, but he and Bezos have been swapping places since January due to the fluctuating price of Tesla shares. Bloomberg now estimates Bezos’s wealth at $ 186 billion, with Musk $ 3 billion behind him.

Bezos held the top spot for three consecutive years until January, when Musk took over after a nearly 800% rally in the value of Tesla shares.

Monday, the golden bull and bitcoin cynic Peter Schiff tweeted: “Two weeks after @elonmusk announced that it spent $ 1.5 billion of shareholder money buying Bitcoin, #Tesla The shares entered a bear market, falling 20% ​​from their all-time high set on January 25, and 16% since the #Bitcoin purchase was revealed. Not an example other CEOs are likely to follow! “

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But according to crypto expert Paolo Ardoino, chief technology officer at crypto exchange Bitfinex, price fluctuations can be expected in a fledgling space. The sharp drop in the price of bitcoin may galvanize many critics of the cryptocurrency, including those who recently dismissed it as an economic spectacle, he said.

“This criticism is not the point and the profound impact it is beginning to have,” he added. “For many of the battle-tested exchanges that have weathered market fluctuations, volatility is not new and is to be expected in such a young market.”

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