Elon Musk's fortune down 24%, loses 9 Billion in a year; no longer the 2nd richest person

Tesla chief, Elon Musk on Monday, slipped from his spot as the world’s second-richest person in Bloomberg Billionaires Index after 24% of his fortune fell down. Musk's shares also fell 2.2% giving the position to LVMH Chairman Bernard Arnault. In March 2021, Musk was holding the top position in the Bloomberg Billionaires Index. 

Tesla's shares were also leading in last week's slump even though his China business is faced with fresh signs of trouble. Bitcoin investors are in a dilemma due to Elon Musk’s Twitter posts. There is also a descend in Bitcoin prices since Musk's opposition to the world's most popular cryptocurrency came to the fore.

Last week, Elon Musk had informed about Tesla not accepting digital currency as payment. This resulted in Bitcoin plunging as much as 15%.

However, Elon Musk further clarified that his company will not be selling the company's Bitcoin holdings. He also tweeted mentioning strong hopes for cryptocurrency but has concerns for the environment. 

Elon Musk and Bitcoin 

In February, Tesla bought $1.5 billion worth of bitcoin mentioning it can bring more flexibility to enhance returns on cash. At that time, the company had said that it will accept payment in Bitcoin. In December 2020, Musk had asked about converting “large transactions” of Tesla’s balance sheet into Bitcoin during a Twitter conversation with Michael Saylor, CEO of MicroStrategy Inc.

In January 20201, Musk added “#bitcoin” to his Twitter profile page, indicating his enthusiasm for the currency and within minutes, Bitcoin jumps as much as 15%, surging above $38,000, as speculations started taking rounds on possible investment by Tesla chief. Musk has also indicated his devotion for Bitcoin February by mentioning that he should have made investments long ago. In July 2020, several Twitter accounts of VIPs were hacked to promote a crypto scam. It is clear that Cryptocurrency markets are highly affected by Elon Musk's tweets.