Elon Musk loses World’s richest tag due to a tweet

Elon Musk loses World's richest tag due to a tweet

Elon Musk loses World’s richest tag due to a tweet

Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his net worth. Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message — via his favored medium of Twitter — came two weeks after Tesla announced it added $1.5 billion in Bitcoin to its balance sheet.

The cryptocurrency, which has surged more than 400% over the past year, tumbled for a second day on Tuesday, at one point slipping below $50,000 on skepticism over the durability of its rally. Amazon’s founder Jeff Bezos has regained his number one position after losing it to Musk, as per the Bloomberg Billionaires Index. 

Bitcoin, the world’s biggest cryptocurrency, slid as much as 12.5% to $48,071 Tuesday after a bout of volatility highlighted doubts about the durability of the token’s mesmerising rally.

Musk had also tweeted that the company’s Model Y Standard Range SUV would still be available “off the menu,” backing up reports from electric vehicle news site Electrek that the model had been removed from its online configurator.