Elon Musk Lost $15B In A Single Day And The Cause Could Be One Of His Own Tweets

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Tesla Inc (NASDAQ: TSLA) CEO Elon Musk is no longer the world’s richest person, according to Bloomberg Billionaires Index. What Happened: Musk was replaced by Amazon.com, Inc (NASDAQ: AMZN) CEO Jeff Bezos as the richest person on the list after Tesla shares fell 8.6% on Monday eroding $15.2 billion from his net wealth, according to Bloomberg. A tweet by Musk over the weekend which touched on the high valuation of Bitcoin (BTC) and Ethereum (ETH) furthered the entrepreneur’s decline in wealth. That said, BTC & ETH do seem high lol — Elon Musk (@elonmusk) February 20, 2021 Musk falls to second place on the Bloomberg Billionaire’s Index with a net worth of $183.4 billion, while Bezos has a net worth of $186.3 billion. Why It Matters: This month, Tesla invested .5 billion in Bitcoin and said it expects to accept the cryptocurrency as a means of payment in the near future. Tesla’s $1.5 billion BTC investment is worth nearly .5 billion, a gain of almost 70%, at the press-time BTC price of $52,040.21. Market strategist Peter Schiff — a noted gold bug and a Bitcoin critic— commented on the decline in the prices of Tesla shares post the company’s BTC purchase. Two weeks after @elonmusk announced that he spent $1.5 billion of shareholder money buying Bitcoin, #Tesla stock entered a bear market, plunging 20% from its all-time high set on Jan. 25th, and 16% since disclosing the #Bitcoin buy. Not an example other CEOs will likely follow! — Peter Schiff (@PeterSchiff) February 22, 2021 Musk and Bezos have been trading places as the world’s richest persons since January 2021. Price Action: Tesla shares closed nearly 8.5% lower at $714.50 on Monday and fell almost 0.5% in the after-hours session. On the same day, Amazon shares closed 2.13% lower at $3,180.74. For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España. Photo courtesy: Forbes via Wikimedia See more from BenzingaClick here for options trades from BenzingaAnother Elon Musk Dogecoin Tweet Sends Speculators AflutterPalantir Replaces GameStop As WallStreetBets’ Top Interest© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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