top of page

Elon Musk loses world's richest title. One tweet costs him $15 billion

Once again, Tesla CEO Elon Musk has fallen to the number two spot on Bloomberg's list of richest people in the world. Since Tesla stock slipped 8.6 percent on Monday, Musk's net worth declined by a whopping $15.2 billion a day. Jeff Bezos, the founder of e-tailer Amazon, has once again dominated the Bloomberg Billionaires Ranking. Compared to Musk's $183 billion fortune, Bezos has $186 billion in cash.

On Monday, Tesla experienced the highest one-day decrease in its value since September 2020. The decrease in the value of Tesla was fueled primarily by Musk's comments on Saturday that Bitcoin and Ether's "do" values seem high.

Musk's tweet comes two weeks after Tesla revealed that it had added Bitcoin to its balance sheet for $1.5 billion.

Bitcoin, the world's largest cryptocurrency, slipped to $48,071 on Tuesday by as much as 12.5 percent after a bout of volatility highlighted concerns regarding the longevity of the mesmerizing rally of the token.

Musk's revelation, also on Twitter, that Tesla's Model Y Standard Range SUV will only be available "off the menu" because it does not meet the "Standard of Excellence" of the company, was the other reason for the decrease in Tesla's value.

Jeff Bezos and Elon Musk have been swapping places this year as the value of Tesla fluctuated. Earlier this month, Musk briefly overtook Bezos after his rocket company SpaceX raised $850 million, valuing the company at $74 billion, a 60% jump from August.

Musk's wealth has increased by $13.6 billion year-to-date, which is second-most for a billionaire in the Bloomberg Billionaires Index.

36 views0 comments


bottom of page