Constantly stirring up Twitter, Elon Musk lost the second richest place in the world

Bloomberg reported that the Tesla boss’s constant tweeting caused the Bitcoin price to continue to plunge. Even Musk’s own wealth tends to be similar.

On Monday, the Tesla CEO lost his position as the world’s second-richest person to LVMH Chairman Bernard Arnault as Tesla shares fell 2.2%. The drop was the highest in a week amid tumultuous tech stocks and signs that Tesla is struggling in China.

In March, Musk still held the number 1 position on Bloomberg’s rankings. Currently, his fortune is only $ 160.6 billion, down 24% from the peak in January.

This comes during a tumultuous time as the Bitcoin price fell below $45,000 for the first time in nearly three months after Musk appeared to concur with a Twitter post that Tesla had sold off all the Bitcoin it had ever bought for $1. $0.5 billion at the beginning of the year. Bitcoin price traded at $45,270 as of 5:51 p.m. Sunday in New York, down about $4,000 from where it ended Friday. However, not long after that, Musk clarified that he had never sold any Bitcoin.

“To clarify rumors, Tesla has not sold any Bitcoins yet.”

Last week, Elon Musk rocked the cryptocurrency market with a series of unexpected actions. Accordingly, Musk caused the price of Bitcoin to drop by nearly $10,000 in just a few hours last Wednesday after saying that Tesla would no longer accept payments in the digital currency.

A few days earlier, Musk also appeared on “Saturday Night Live” and joked about Dogecoin causing the price of this digital currency to also drop. A few days later, Musk tweeted that he was working with the Doge developers to improve transaction efficiency.

Musk in early February revealed that Tesla used $1.5 billion of his nearly $20 billion in excess cash to buy Bitcoin. This immediately caused the price of Bitcoin to skyrocket.

Musk, 49, became the world’s richest person in January after Tesla shares surged 750% in the past year. Despite reporting a record quarter profit, Tesla stock has since fallen amid a global chip shortage and increased competition.

Musk’s fortune has fallen by $9.1 billion this year, the most of any billionaire on the Bloomberg list.

Meanwhile, luxury tycoon Arnault, 72, saw his fortune increase sharply when he added $ 47 billion.