By Matthew Roscoe • 24 February 2021 • 9:47
Elon Musk Decision Causes Cryptocurrency Market To Plunge.
Elon Musk No Longer World’s Richest Man After $15.2 Billion Loss in Single Day.
IT appears that Elon Musk’s use of Twitter has finally backfired on him as he has seen Tesla shares fall more than 20 per cent in recent weeks – with an 8.6 per cent drop on Monday, February 22.
This drop in price has seen Elon Musk fall behind former Amazon CEO Jeff Bezos, who has a net worth of $193 billion (€159 billion), as the world’s richest man after Bitcoin, which Telsa Inc heavily invested in recently, dropped almost 20 per cent since Sunday and was trading at less than $48,000 (€39,000) on Tuesday, February 23.
This week’s decline in the company’s share price was the biggest since September and wiped more than $15 billion (€12 billion) from its founder’s net worth in a single day, Bloomberg reports.
The Tesla CEO announced on February 8 that they had invested $1.5 billion (€1.25 billion) in Bitcoin, the company Musk had been credited for raising the prices of through his messages on his Twitter account. The investment will also mean that Tesla will start accepting cryptocurrency as a form of payment for vehicles and products from the electric-car market leader.
Earlier this year, the former world’s richest man put the word “bitcoin” in his Twitter bio which caused a huge spike in the value of the cryptocurrency in a very short time.
However, a Twitter exchange with economist Peter Schiff over cryptocurrency has meant that Musk has paid a heavy price. Addressing Peter Schiff, a gold investor and stockbroker, on the social media platform, Musk said: “An email saying you have gold is not the same as having gold. You might as well have crypto.
“Money is just data that allows us to avoid the inconvenience of barter.
“That data, like all data, is subject to latency and error. The system will evolve to that which minimises both. That said, Bitcoin and [another cryptocurrency] Ethereum do seem high.”
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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