Elon Musk, the world’s richest man, has lost $1.9 billion in a single day, according to Bloomberg Billionaires Index.
The Tesla and SpaceX CEO’s net worth dropped from $197.9 billion to $196 billion on Monday, as Tesla’s stock price fell by 4.8%.
The drop in Tesla’s stock price was due to a number of factors, including the company’s decision to suspend Bitcoin payments for its vehicles, as well as the increasing competition in the electric vehicle market.
Musk’s net worth is still the highest in the world, but he has been overtaken by Amazon founder Jeff Bezos, who is now worth $197.9 billion.
Musk’s wealth has been on a roller coaster ride in recent months. In January, he became the world’s richest person for the first time, with a net worth of $188 billion.
However, his wealth has been volatile since then, as Tesla’s stock price has fluctuated. In April, Musk’s net worth dropped by $15 billion in a single day, as Tesla’s stock price fell by 8%.
The billionaire entrepreneur has been a vocal supporter of cryptocurrencies, and his tweets have often had a significant impact on the prices of Bitcoin and other digital currencies.
In February, Musk announced that Tesla would accept Bitcoin as payment for its vehicles, and the price of the cryptocurrency surged.
However, last week, Musk announced that Tesla would no longer accept Bitcoin payments, citing environmental concerns. The announcement sent the price of Bitcoin tumbling, and Tesla’s stock price followed suit.
Musk’s wealth is still impressive, and he is still the world’s second-richest person. However, his recent losses are a reminder of the volatility of the stock market, and the risks associated with investing in high-risk assets such as cryptocurrencies.
The billionaire entrepreneur has also been criticized for his tweets, which have often had a significant impact on the prices of stocks and cryptocurrencies.
Musk’s wealth is still impressive, and he is still the world’s second-richest person. However, his recent losses are a reminder of the volatility of the stock market, and the risks associated with investing in high-risk assets such as cryptocurrencies.
It is also a reminder that no one is immune to the ups and downs of the stock market, and that even the world’s richest man can lose billions in a single day.
