Elon Musk loses title of the world’s richest person

Just a while back, Elon Musk became the world’s richest person. And everything was going all well until a few days back when Elon Made a real blunder. He tweeted, “That said, BTC & ETH do seem high, lol.” And this resulted in almost a 20% depreciation in the price of Bitcoin and other cryptocurrencies in just 2 days. Though the prices have recovered a lot and are now trading above $50,000, this comment cost Elon his “world’s richest person” title. We can actually see what one single statement costs you if you are an influential personality.

Why did Elon lose his world’s richest person title?

Elon loses title of the world's richest person
Image Source: Yahoo Finance

The reason why Elon’s net worth dropped below Jeff Bezos’s is the fall in the price of Tesla’s share. On Monday, they dropped by 8.6% resulting in a loss of $15.2 billion from his total worth. After the trading session ended, the shares fell by even more than 6% in the pre-market session. Elon is behind by just $3 billion, and a good trading day for Tesla, he will be back at the top again. But, what we can understand from this is how seriously Elon’s words are taken.

This tweet also fueled the Bitcoin and Etherium fall. But I think that the effect of it has passed, and the market has started to recover. After all, it is not Dogecoin that only goes up when Elon tweets. Many people are saying that the fall in Tesla’s shares is due to the lowering price of Bitcoin. But, I don’t think that the investment of the company in cryptocurrency is significant enough for that to happen.

Elon’s take on BTC

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Elon said a while back that the decision of Tesla to invest in Bitcoin is not his own personal opinion. And in fact, he thinks that Bitcoin is just a less dumb way to have cash. He also said that it is “almost” as bs as fiat. But he does believe that having Bitcoin on their balance sheet is adventurous and fun for an S&P 500 company. It is very difficult to contemplate where Elon stands in regard to Bitcoin.

The individual has tweeted about crypto several times in the past, saying that he is in favor of them. He also called Bitcoin his safeword. But lately, his actions or comments seem to point otherwise. Even just some time back, Elon said Bitcoin is on the verge of widescale acceptance. The heck, he even changed his bio to “#Bitcoin.”

What are your thoughts on Elon losing the title of the world’s richest person? And how much did the tweet contribute to what has happened? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

Also Read: Square bought $170 million of Bitcoin during the dip