Elon Musk’s fortune tumbles $ 15 billion after Tesla shares fell 9% in one day

Billionaire Elon Musk has once again slipped to second place Bloombergs index of the world’s richest people after his net worth fell $ 15 billion on Monday.

His fortune fell to $ 183 billion, allowing outgoing Amazon CEO Jeff Bezos to regain first place after Tesla’s shares tumbled 9% on Monday – their biggest one-day decline since late September. The drop seemed to be driven in part by Musk tweeting over the weekend the prices of bitcoin and Ethereum seemed high. Bitcoin dropped 11% on Tuesday to $ 48,016, in caution due to its rapid rise, while Ethereum fell by 15% to $ 1,521.

The electricity manufacturer’s stock was further undermined by its decision to stop orders for a cheaper version of its SUV Model Y.. Tesla has removed the car from its online configurator just one month after launch. It is not clear if the decision is permanent.

Musk has been shot to second place on the Bloomberg Billionaires Index for one second time this month, but he and Bezos have been trading places since January on the back of Tesla’s fluctuating stock price. Bloomberg now estimates Bezos’ fortune at $ 186 billion, with Musk $ 3 billion behind it.

Bezos occupied the top spot for three years in a row until January, when Musk took over after an almost 800% rally in the value of Tesla shares.

On Monday, gold bull and bitcoin cynic Peter Schiff tweeted: “Two weeks after @elonmusk announced that he spent $ 1.5 billion in shareholder money to buy Bitcoin, #Tesla shares entered a bear market and plunged 20% from the very highest level on January 25 and 16% since the revelation of the # Bitcoin purchase. Not an example other CEO will likely follow! “

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

“Such criticism lacks the point and the profound impact it is beginning to have,” he added. “For many of the battle-tested stock markets that have coped with market fluctuations, volatility is not new and can be expected in such a young market.”

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